BIG TOWAGE CONTRACT

Hokitika Guardian, 1 June 1928, Page 2

BIG TOWAGE CONTRACT

OF SINGAPORE DOCK

United Press Association.—By Electric Tc-legraph .—Copyright.)

LONDON, May 30,

Insurance has been arranged for the voyage of the Singapore Floating Dock from the Tyne to Singapore, a distance of 8,000 miles. Altliouglit it is not the longest tow on record, the great size, weight, and value of the property will probably make the risk the most important one ever placed on the London market.

The dock leaves in June, thus experiencing the most favourable period for sea voyaging in the year, when it is hoped that the weather will lie propitious tor the whole of the voyage out. It is intended to take the dock out in two tows, the first two consisting of lour sections, which are insured for £550,000. Tlie second tow will comprise three sections, and these arc insured for £330,000.

The whole dock is Insured against all risks at a premium of six per cent. The original underwriters have placed re-insurances against tlie total loss at £3 Is 5d per cent. Some of the underwriters have got rid of part of their liabilities. Other underwriters decline to cany any of tlie risk.

Assuming that the speed will average four knots, the journey will occupy three months. Each group of sections will be in charge of four powerful tugs. -Messrs L. Smith, of Rotterdam, liave obtained the towage contract.' There is surprise in many quarters that a Dutch firm and not a British firm, has secured this contract. However, the fact will lie recognised in British shipping industry that the Dutch firm have specialised in long towages of heavy craft, and have built exceptionally powerful tugs for the purpose, which are manned hv experienced crews. The insurance market believes that the builders and the towers are taking every possible precaution, but certain risks are indicated to the groups of sections which on such a voyage will necessarily he unwieldy. The market will watch the voyagers with tlie closest interest.