US Maritime Administration Approves Title XI Ship-Construction Loan Guarantee

The Maritime Administration (MarAd) has announced the approval of a $210.9 million Title XI loan guarantee supporting the recent construction of two articulated tug-barge units that are currently in performing opertions on the Delaware Bay. Construction of the barge units involved five American shipyards, including Bender Shipbuilding & Repair, Inc., VT Halter Marine, Atlantic Marine, Tampa Ship, and International Ship Repair.

The federal loan guarantee is for OSG Delaware Lightering, LLC, a subsidiary of Overseas Shipholding Group, Inc. MARAD’s Title XI program promotes the growth and modernization of America’s merchant marine industry while enabling owners of eligible vessels or eligible shipyards to obtain suitable long-term financing.

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Source: MarAd, July 11, 2011.