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

Friday, January 05, 2001
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 by President Clinton in his Fiscal Year 2001 budget. "Thanks to the strong Congressional support for this program, $29.9 million in new money will be available to facilitate hundreds of millions of dollars in new ship construction, creating thousands of shipyard and seagoing jobs," Walker said. "However, even with this increase, funding has reached a historical low. We hope that the next Administration recognizes the program is at a critical juncture and proposes sufficient funding levels to enhance the viability of the Title XI program."

The Clinton Administration recommended only $2 million for Title XI loan guarantees in its FY 2001 budget. The Title XI Coalition and others in the U.S. maritime industry lobbied Congress to significantly increase funding for the Title XI program above the President's request. As a result of the industry's efforts, the House and the Senate appropriated $10.6 million and $20.4 million, respectively, for the Title XI program in the Commerce, Justice, and State, the Judiciary and related agencies appropriations bill for Fiscal Year 2001. The conferees on the bill finally agreed to increase funding to $30 million, well above the President's request. To meet its budgetary requirements, however, Congress, in a subsequent bill, imposed government-wide rescissions of .22 percent, effectively lowering the appropriation level for Title XI to $29.9 million.

An additional $3.97 million was appropriated to the Maritime Administration for administrative expenses to carry out the guaranteed loan program. "While Congress has provided $29.9 million for Title XI, we are still concerned that without adequate funds in future budgets many important shipbuilding projects will languish," Walker said.

"An important first step next year is for the Administration to request an adequate funding level in Fiscal Year 2002 for Title XI, which we believe should be at least $50 million."

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Austal Delivers Final Cape Class Patrol Boat

Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder

HMS Prince of Wales’ Final Carrier Block Delivered

The final sections of the second Queen Elizabeth Class aircraft carrier produced by Cammell Laird arrived at Babcock Rosyth Facilities in Fife on Thursday, September 3,

Navy

HMS Prince of Wales’ Final Carrier Block Delivered

The final sections of the second Queen Elizabeth Class aircraft carrier produced by Cammell Laird arrived at Babcock Rosyth Facilities in Fife on Thursday, September 3,

Canadian Frigates Get a Radar Upgrade

German navigation system manufacturer Raytheon Anschütz has completed factory acceptance tests and delivery of 12 sets of navigation radars for the Canadian Navy’s Halifax-class frigates.

Virginia-Class Submarine Named USS Iowa

Secretary of the Navy Ray Mabus hosted a ship-naming ceremony today in Ames, Iowa to announce that SSN 797, a Virginia-class attack submarine, will bear the name USS Iowa.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2281 sec (4 req/sec)