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Loan Guarantees

News: Poor Weather, Repairs Forces Kirby to Lower Expectations

"Very poor weather, major repairs to a lock on the Gulf Intracoastal Waterway and rapidly escalating fuel prices, not lower business levels, are the factors causing Kirby to revise its first quarter forecast," were a few reasons that Joe Pyne, Kirby Corporation's President CEO, cited for the company's lowering of its earnings guidance for the 2003 first quarter to $.26 to $.30 per share from previous guidance of $.36 to $.40 per share. "Not only have our transit times been slower, but we also have been forced to use additional horsepower to meet scheduling demands." Navigational delays due to fog along the Gulf Coast, both high and low water issues on the Mississippi River, and major repairs to a critical lock on the Gulf Intracoastal Waterway, have resulted in increased transit times. Navigational delays increase transit times, which reduce revenues and increase operating expenses. For the 2003 first quarter, Kirby estimates that navigational delays will increase by 18 percent when compared with the first quarter of 2002. During the 2003 first quarter, Kirby has also experienced a significant increase in its fuel costs. The average price per gallon consumed in the first two months of 2003 was $1.00, up 22 percent from the 2002 fourth quarter average of 82 cents, and 72 percent higher than the 2002 first quarter average of 58 cents. Currently, Kirby is paying an average of $1.20 per gallon


Chapter 11 + Title XI + September 11 = Bad News for the Marine Industry

The recent confluence of three events, all strangely relating to the number 11, is presenting the U.S. shipbuilding industry with challenges greater than seen in many decades. American Classic Voyages (AMCV), owned by Chicago billionaire Sam Zell, is the nation's largest provider of Inland River and Hawaiian Island overnight cruises. In mid October, the company declared Chapter 11 bankruptcy and that action has led the Maritime Administration (MARAD) to cancel its Title XI loan guarantee on


Cammell Laird Shares Fall On News

Shares in Cammell Laird fell nearly nine percent on Thursday after news the British shipbuilder's $500 million contract with U.S. firm Luxus was at risk, threatening a second blow to the yard in as many months. Since it began a dispute with Costa Classica -- an Italian unit of U.S group Carnival Corp. -- last Autumn over a key cruise ship contract, which was subsequently terminated, its shares have fallen dramatically from a year high of 147p


$29.9M Approved For U.S. Shipbuilding Loan Guarantees

Congress has approved $29.9 million for the Maritime Loan Guarantee Program, or Title XI program, a $27.9 million increase over the President's Fiscal Year 2001 budget request. Allen Walker, president of the Shipbuilders Council of America (SCA) and chairman of the Title XI Coalition, said, "We're pleased that Congress has recognized that the Title XI program is an important component of our nation's maritime policy and has agreed to significantly increase funding levels over those requested


House-Senate Conference Agrees on $33 Million For Title XI Loan Guarantees

The House and the Senate have agreed to include $33 million for Title XI loan guarantees in Fiscal Year 2002 in the commerce, Justice, State and the Judiciary Appropriations conference report. The conference report filed on November 9, which also includes some $3.9 million for administering the program, is expected to be approved by the House and Senate this week. In addition to Title XI, the appropriations conference report funds State and Justice department programs


MarAd Approves $210.9M in Title XI Loan Guarantees

The Maritime Administration today 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 service on Delaware Bay.   Construction of the barge units involved five American shipyards, including Bender Shipbuilding & Repair, Inc., in Mobile, Alabama, and Tampa, Florida; VT Halter Marine; Atlantic Marine; Tampa Ship; and International Ship Repair


MARAD Authorization Act Introduced

Senator McCain (R-AZ) introduced a bill (S. 1262) to authorize appropriations for fiscal years 2004, 2005, and 2006 for certain maritime programs of the Department of Transportation, and for other purposes. Among other things, the measure would tighten controls on the Title XI maritime loan guarantee program. The measure is scheduled for mark-up by the Senate Commerce Committee on June 19, 2002. Source: HK Law


MARAD Administration of Title XI Deposit Funds

The Maritime Administration (MARAD) issued regulations relating to its administration of funds deposited under the Title XI federal loan guarantee program. Such funds may now be deposited with the U.S. Treasury and invested in Treasury obligations. The change comes into effect on October 30, 2002. Source: HK Law


FY2003 Budget Eliminates Title XI Funding

The Administration released its FY2003 budget, proposing, as expected, the elimination of funding for the Title XI Maritime Loan Guarantee Program. “The zero funding decision is disappointing but not surprising” said Allen Walker, president of the Shipbuilders Council of America, noting that the Administration had proposed a similar funding level last year. “This is a good program that has significantly helped stimulate ship construction in the U.S


MARAD Approves Title XI Loan Guarantee

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The Maritime Administration has approved a $346,129,000 Title XI guarantee to Vessel Management Services, Inc., a wholly-owned subsidiary of Crowley Holdings, Inc., for the construction of three 330,000 barrel double hull tug/barge units.  VT Halter Marine, Inc. in Gulfport, Mississippi is constructing the barges and Dakota Creek Industries in Anacortes, Washington has been retained to build the tugs.  The Title XI Loan Guarantee program provides funding to promote the growth and


DryShips Re-state Amended US$1.9-Billion Credit Agreement

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From HQ in Athens, Greece, DryShips Inc. announce that through its majority owned subsidiary Ocean Rig, and its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Drillships Projects Inc., have entered into an Amendment and Restatement Agreement to the


MARAD Seeks Public Comment on Title XI

Acting U.S. Maritime Administrator Chip Jaenichen

The Maritime Administration (MARAD) said it is asking for public comment on a proposed policy regarding the factors for obtaining loan guarantees through the Maritime Guaranteed Loan Program, Title XI. Title XI is a discretionary program that provides loan guarantees for vessel construction in U


Investors Snap Up Shipping Loans, Reflecting Growing Confidence

Calculator credit Dominic Alves CCL

Global private equity firm KKR has bought $150 million worth of shipping loans from two European banks amid a surge of interest in the industry as world trade in goods picks up along with the global economy. There have been a flurry of deals in recent months for ship finance loans


Deadbeat Chinese Shipyards Stick Banks with Default Bill

Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. One in three ships ordered from Chinese builders was behind schedule in 2013


Workboats, Harbour Vessel Owners May Qualify for CARB Loans

Tugboat: Photo credit Wiki CCL Georgios Pazios

Emission clean-up loans for tug boat, ferry, fishing boat, excursion boat owners available in California The California Air Resources Board has received $5 million in American Recovery and Reinvestment Act Funds to help clean up a variety of boats and vessels that operate in California’s


Rescue Aid for German Shipbuilder Approved by EC

State aid for financial bail-out of P+S Werften temporarily approved by the European Commission The European Commission has authorised under EU state aid rules, a state guarantee backing a rescue loan of €152.4 million for the German shipbuilder P+S Werften in Mecklenburg-Vorpommern.


August 31st Deadline for ARRA Engine Loan Program

The (California) Air Resources Board is reminding and encouraging small business owners of off-road diesel vehicles, portable diesel equipment, or diesel marine vessels and engines to take advantage of this loan assistance opportunity.  The loan must be completed and executed by August 31


German shipbuilder P+S Werften Edges to Brink

German shipbuilder P+S Werften fights for time to stave off insolvency. Troubled German shipbuilder P+S Werften, which operates two of the country's biggest shipyards, has asked some of its customers to pay for ships in advance to bridge a liquidity shortfall and avert insolvency.


APT Commits to Build Two New Product Tankships in US

American Petroleum Tankers (APT) affiliate intends to order the new ships from NASSCO Shipyared, San Diego. An affiliate of American Petroleum Tankers Parent LLC (“APT”), a company majority owned by funds managed by Blackstone on behalf of its investors


Jumping Off the Fiscal Cliff?

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It’s more of a Downward Slope for Maritime, Transportation, and Energy Programs You are not alone if you are bewildered by the talk in Washington about “sequester,” “continuing resolution”, “fiscal cliff,” “budget resolutions


Dryships Announces $1.8B Term Loan Facility

DryShips Inc. (NASDAQ: DRYS) through its majority owned subsidiary, Ocean Rig UDW Inc., announced that Ocean Rig, through its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Dr illships Projects Inc., entered into a $1


Korea Mulls Shipbuilding Finance Back-up Plan

South Korea is considering whether to set up state-sponsored guarantee funds for the faltering shipping industry as part of the government's efforts to help ship owners raise funds, reports Xinhua, citing a senior South Korean regulatory official


Navios Acquisition Proposes Private Offering

Navios Maritime Acquisition Corporation announced  that the company and Navios Acquisition Finance (U.S.) Inc., its wholly owned finance subsidiary, intend to offer through a private placement, subject to market and other conditions, approximately $600 million of first priority ship mortgage


China Arbitration Court Orders Korea's STX to Pay Debt

STX logo

Troubled South Korea shipbuilder STX Heavy Industries Co. issued a guarantee on a loan defaulted on by its Chinese heavy machinery manufacturer, STX Dalian Heavy Industries Co., from China's Bank of Communications and has been ordered to repay the loan, reports Yonhap.


Loan Options for the Marine Industry

The USSBA, USDA and USDOT’s Loan Programs As we launch into 2014, the domestic waterfront continues to fire on all pistons; boatbuilding, charter rates, utilization of tonnage, and so much more. That kind of momentum, however, requires funding to sustain


 
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