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Joint Israeli-norwegian Ship Firm Set; Assets Total $20, 000, 000

Establishment of a joint Israeli-Norwegian shipping company, understood to be capitalized at $20,000,000, was reported here today. An eight-man Norwegian delegation of merchant marine executives is expected to arrive here next week for finalization of the plans and the formal signing of contracts.

Under the reported plans, the new form will operate two refrigerated vessels as a start, each of a 10, 000 tons, and will add other ships later, at least two more ships being blueprinted.