AMCV Secures Financing For Delta Queen Coastal Vessels

Thursday, October 19, 2000
American Classic Voyages (AMCV) has issued $76.4 million of bonds guaranteed by the Maritime Administration of the U.S. Department of Transportation (MarAd). The financing will be utilized for the construction of two coastal cruise vessels that will be built at Atlantic Marine, Jacksonville, Fla., for Delta Queen Coastal Voyages - a subsidiary of AMCV.

MarAd's guarantee is made possible under the authority of Title XI of the Merchant Marine Act, 1936 - it represents approximately 87.5 percent of the total anticipated cost of the two coastal vessels - which includes shipyard and design costs, vessel furniture and fixtures, and interest during construction and guarantee fees.

The vessels covered under the funding are known as Cape May Light and Cape Cod Light. Named for historic lighthouses, they will be designed to resemble the classic coastal ships of the late 1800s. Cape May Light's hull was launched in June; Cape Cod Light's hull is set for launching on May 5, 2001.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Vale Profit Falls Amidst Record Output

Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient.

Kurdish Crude Lightered, Destination Unknown

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1020 sec (10 req/sec)