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

Wednesday, December 20, 2000
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 stated. "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 $3.978 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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Post-Panamax Ship Delivered to Diana Containerships

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary,

DOT Holdings Takes Half-Interest in New OSV

Oceanteam Shipping ASA says that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel, and as a result

DHT Holdings to Acquire Samco Shipholding

DHT Holdings, Inc. announced today that it has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private company

Finance

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

Scorpio Bulkers Upsizes Public Offering

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1454 sec (7 req/sec)