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MarAd News Title XI

Van Ommeren Seeks Guarantees For $203 M: MarAd has received an application from Van Ommeren Tankers, (USA) L.L.C., Stamford, Conn., for a Title XI guarantee to aid in financing the construction of five Double Eagle product tankers. The proposed builder of the vessels is Newport News Shipbuilding, Newport News, Va. Delivery dates have not yet been determined. The estimated guarantee amount is for $203,875,000 of the total estimated actual cost of $233,725,000. Construction period financing would be covered between June 1995 and December 1998, and mortgage period financing would be covered from December 1997 through December 2023 (see related story on page 59 of this issue).

American Tankships Asks For Title XI Guarantees On Product Tankers: MarAd has received an application from American Marine Tankships, Inc., Bethesda, Md., for a Title XI guarantee to aid in financing up to six product tankers and conversion of the tanker M/V Marine Princess.

All would operate in the U.S.

domestic trade. The proposed builder of the product tankers is Newport News Shipbuilding, Newport News, Va. The shipyard for the tanker conversion has not yet been named. The total estimated guarantee amount is $274,864,000 of the estimated actual cost of $314,130,000.

For the newbuildings, the loan term would be 25 years from delivery of each vessel plus the construction period. For the conversion, the term would be 20 years plus the construction period. The delivery dates of the vessels have not yet been determined. Financing In Place For Conversions At Avondale: Financing is now in place for the construction of the first U.S.-flag tankers to be built to standards set by the Oil Pollution Act of 1990, MarAd announced. With the assistance of MarAd's Title XI federal ship financing program, four tankers will be constructed for American Heavy Lift Shipping Company, New Orleans, by Avondale Industries, Inc.

The vessels will be the first U.S.- flag tankers constructed for the domestic trades in more than 10 years.

They will be the first in domestic service and will comply fully with all domestic and international environmental requirements.

"This project represents a tremendous vote of confidence by American Heavy Lift and Avondale in the domestic U.S.-flag fleet," Maritime Administrator Albert J. Herberger said. "It is made possible by the Administration's continued support of the Jones Act." Mr. Herberger said the deal also demonstrates that the American oil transportation industry can and will act to comply with OPA 90 requirements. The total value of the project is about $160 million. Of that, $139 million is guaranteed under the Title XI program.

Dannebrog Rederi Seeks Guarantees For $70.4 M: MarAd has received an application from Dannebrog Rederi AS, Denmark, for a Title XI guarantee to aid in financing three double-hulled, 16,000-dwt tankers. All would operate in the international trade. The proposed builder of the tankers is Alabama Shipyard, Inc., Mobile, Ala. The total estimated guarantee amount is $70,448,400 of the estimated actual cost of $80,512,400, with a loan term of 25 years from delivery of each vessel plus construction period. The delivery dates of the vessels have not yet been determined.

 
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