Repurchase of Old Vessels by the Maritime Commission or the War Shipping Administration During World War II
B-39892: Apr 30, 1947
- Full Report:
GAO was asked for information on whether or not the Maritime Commission or the War Shipping Administration repurchased certain old vessels from the Alcoa Steamship Company during World War II in accordance with the original sales contract, in which the right was reserved to requisition any or all of the vessels in the time of war. GAO was asked for, if the vessels were acquired, all facts in connection with the sales, including the amount of charter hire paid for each vessel, the insurance paid for each vessel that was lost, and any other payments that the Maritime Commission or the War Shipping Administration may have made.
GAO found that four vessels were requisitioned in accordance with the sales agreement. The Alcoa Shipper and the Alcoa Carrier were both sunk by enemy action prior to delivery and were covered by insurance in the commercial market. The Alcoa Mariner was sunk while under charter by the War Shipping Administration and insurance was paid by the Administration in the amount of $241,847.37. The Alcoa Mariner was redelivered to Alcoa in March 1946, and charter hire revenue was reported by GAO for 1942 though 1945.