◆ SpookStack

r] NY 46-2507 In addition, Sociedad Maritima Miraflores Ltd. entered. into a guaranty with USPC that, unjer the three time charters, the net of chartor hire and vessel operation expenses would be at least equivakntto the revenue that would accrue to USPC under bareboat charters at the rate of $1.00 per dead weight ton per month, In each year Sociedad Maritima Miraflores was required “to remit to USFC- uncer the guaranty relative to each of the three time charters. Since the ARICK..RG&E baruboat chartor was at the rate of $1.00 to Petroleum Carrier of Panama, the operation of all . four vesscls over the four years was in effect ata monthly rato of $1.00 per dead weight ton. The opcration of the vessels STONY POINT, CAMP NAMANU - and BATTLE ROCK was under barcboat charters to the Socony~-Vacuum 011 Company. The results of opcration shown in the foregoing , schedule are for the period from March 3, 1949, the date of -_ “merger of the American Marine Corporsetion and the USPC, to December 31, 1951. Operations of the three tankers. by American Marine _ Corporation during 19,8 end until March 3, 1949 resulted in a Se “net profit of 82255270573; which was the adjusted American = = Marine Corporation earned surplus credited to USPC's surplus account upon merger. Over the full four years, then, these ; three tankers were opcrated ut a not profit, before taxes, of . $1,96),367215, while the four original USPC tankers chartered to Petroleum Carriers of Paname were operating at a net profit, before taxes, of $221,211.90, i sie eee ee Pe ee ee LY a a es ee 0 Sd eal b 5 ae ee my hue rat Li af ab ane in the schedule sect forth previously and in Exhibit 5 . attached to this report, items classified under "Other activities" consisted primarily of fnterest expense, interest income and amortization applicable to investments in and loans to affiliate companies by USPC. In addition, cxpcenacs relative to the Coast Guard Cutber ALGONQUIN were sct forth under this column. The matter of applying the revonue and expenses of USPC to the individual vessels operated was discussed with HAROLD 0, BECKER, Treusurcr and Assistint Director of USPC. It was determined that vessel rovonue, vessel operating expenses _ - 80 - eo