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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.




Shipbuilding / Vessel Construction History

$5 Billion CVN-76 Gains Support
Bender Shipbuilding Proposal Selected For Maritech Fundin
BENELUX: Carving IPs Niche
BIW Sale Invites Industry Speculation
BUYING INTO THE FUTURE U.S. Industry Is Changing To Compete
Canadian Technology Takes (enter Stage
Chesapeake Shipbuilding Launches New Vessel
Con-Select To Supply NNS Double Eagle Equipment
Consolidation of Power
CVN-76: BEYOND VIRGINIA
Diesel Power
DOT/Industry Partnership Results In $37 Million In Cooperative Agreements
German Marine Equipment Manufacturers As Driving Forte In Technology And Cost Efficiency
Intergraph Expands Capabilities For Ship Design And Production CAD/CAM Systems
Kockums To Launch New Generation Of Shipbuilding Systems
Kvaerner, Daewoo Calling It Quits In Shipbuilding Businesses
Mapping The Future Of Design
MarAd News Title XI
Marinex, Ingalls & Metro Machine Tanker Project Wins MARITECH Funds
NEVA '93 The International Shipping Exhibition with Russia and the Republics St. Petersburg, September 14-18
New Version Of Catia Offers Valuable New feels
NNS To Develop Construction, Repair Facility In UAE
Norwegicm Innovation Sburs Commercial Success
Opportunities For Cooperation Between U.S. And Japanese Marine Equipment Manufacturers
Pick Up Speed?
Power Alliance Wins DARPA Contract
Pragmatic Research
Premier Steels Helping Shipyards Cut Casts
SCA: OECD Talks Fail On Jones Act, European Export Credit Issues
World Shipbuilding Associations Address Commercial Fleet Safety
 
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