Word: shell
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...cargo vessels. At least 279 ships sank, weighing 2.3 million tons in all-a 60% increase from the year before. Insurance experts at Lloyd's of London, now claim that the Salem was deliberately scuttled. If true, it would make for the biggest maritime swindle in history. Shell International Trading, which had purchased the 194,000 tons of Kuwaiti oil aboard the Salem, has filed the largest cargo claim ever received at Lloyd's: $56.3 million. Shell has also filed a suit against the Salem's owner, a Lebanese-American shipper named Frederick Soudan, charging that...
...tons of Kuwaiti oil, to be delivered in Genoa to an independent Italian oil company, Pontoil. On Nov. 30, the ship-Soudan's Salem-sailed for Kuwait and picked up the crude. After four days at sea, however, the cargo was sold to Shell in a normal spot-market transaction. Shell kept Genoa as the point of delivery...
Paying off Shell's huge claim would add to Lloyd's already impressive financial woes. Among other things, the venerable insurance market is being sued by 36 of its member underwriters in a case involving insured Bronx slum buildings put to the torch. Last year, Lloyd's investigated the smoking of five supertankers and dozens of other vessels; it estimates that, worldwide, 100 cargo ships were purposefully sunk in 1979, accounting for losses of $250 million...
Throughout, Beaton writes with a gift for image and metaphor. One woman has skin "as bright and smooth as the inside of a shell"; another "exudes the friendliness and sympathy of a firelit tea in winter." Virginia Woolf compared her diary to a "disheveled, rambling plant." Beaton's is more like a topiary, carefully trimmed to his own aristocratic profile. - Gerald Clarke
...from last year throughout the Northeast, the region that uses the most fuel. Even more important has been the drop in gasoline use. Last year prices rose 35%, to a current nationwide average of approximately $1.09 per gal. for unleaded regular, and last week several oil companies, including Texaco, Shell and Chevron announced new increases of from 2? to 5? per gal. As prices have climbed, consumption has slumped to about 95% of 1978's level...