Israel-spanish Company Formed to Build Ships in Spain for Israel

An Israel-Spanish shipping company has been formed on a joint partnership basis, it was reported here today.

The company has contracted for the construction in Spain of two 7,000 ton freighters costing $4,000,000,80 percent of which will reportedly be financed through an American loan. The vessels will fly the Spanish flag but will be managed by the joint company from Haifa offices.

(Israel is taking delivery of a flotilla of new 40-knot motor patrol boats which have just been completed in an Italian shipyard, the London Daily Express reported today. The speedy craft can be used either as torpedo boats or gunboats and are suitable for service in both the Mediterranean Sea and Akaba Gulf, the newspaper stated.)

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