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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


Fitch Grade Port of Long Beach TIFIA Loan 'AA-'

Port of Long Beach:Photo courtesy of POLB

Fitch Ratings has assigned an 'AA-' rating to the Port of Long Beach's $325 million TIFIA loan agreement, issued by the city of Long Beach, California for the Gerald Desmond Bridge Project, according to 'Business Wire'. The Rating Outlook is 'Stable'.


Jaenichen Weighs in on Title XI

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MARAD's Acting Maritime Administrator, Paul “Chip” Jaenichen, weighs in on Title XI While maritime industry trends are often unexpected and rarely coincide with the Federal budget cycle, MARAD currently holds sufficient funding to support $735 million in Title XI loan guarantees and


Global Trade Set To Benefit From ICC Report

  Released yesterday, the International Chamber of Commerce (ICC) Trade Register Report 2014 provides empirical evidence that, in all forms, trade and export finance is a low risk bank financing technique – further supporting ICC’s advocacy of trade finance as a strong


Citi Has $280m Tied into China Ports at Center of Metals Probe

Citigroup Inc has about $280 million in loans tied to commodities in two Chinese ports which are at the center of a probe into possible fraud, a senior executive said on Friday, becoming the first U.S. bank to disclose its potential exposure.


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

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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


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


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


US: $4B in Loan Aid for Renewable Energy

Are increased use of offshore wind farms in the future for the U.S.?

The U.S. Energy Department on Wednesday unveiled a plan for up to $4 billion in loan aid for renewable energy companies to help rejuvenate a program that faced harsh political attacks over past failures of federally subsidized projects. The Obama administration's draft plan would provide loan






 
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