EX-IM Bank, Marad Agreement to Facilitate Shipping

Thursday, October 28, 2004
The Export-Import Bank of the United States (Ex-Im Bank) and the Maritime Administration (MARAD) signed a memorandum of understanding to establish a program to provide Ex-Im Bank-guaranteed working capital loans for shipping, logistics and other companies involved in ocean freight transportation. The agreement also updates certain shipping requirements for Ex-Im Bank transactions.

Under the agreement, Ex-Im Bank can provide working capital loans to export service providers, enabling them to extend credit terms to their export clients. The Bank will also increase its working capital guarantee from 90 percent to 95 percent for U.S. companies that ship on U.S. flag vessels. Ex-Im Bank and MARAD also agreed to raise the minimum threshold for Ex-Im Bank-guaranteed U.S. export transactions that must utilize U.S. flag vessels from $10 million to $20 million.

"This agreement helps U.S. exporters, the U.S. commercial shipping industry, and their workers," Ex-Im Bank Chairman Philip Merrill said. "Ex-Im Bank and MARAD have had a longstanding partnership to support U.S. exports and U.S. shipping. This agreement provides greater flexibility for U.S. exporters seeking Ex-Im Bank financing and also enables Ex-Im Bank to offer expanded working capital support for export service providers and U.S. exporters that ship on U.S.-flag vessels."

"This agreement is a win for American labor and business, a win for freight forwarders, and a win for U.S.-flag carriers. By providing credit terms and more access to working capital for small and medium U.S. exporters and their logistics service providers that ship on U.S.-flag vessels, we will make them more competitive and create more U.S. jobs," said Maritime Administrator Captain William G. Schubert.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

NATO Launches Sea Mission Against People-Smugglers

NATO, EU mission to help target traffickers in Aegean Sea. NATO ships are on their way to the Aegean Sea to help Turkey and Greece crack down on criminal networks smuggling refugees into Europe,

UK to Double NATO Naval Deployments in 2016

Britain is doubling its naval deployments to North Atlantic Treaty Organization (NATO) in a move aimed a showing enemies that "we are ready to respond to any threat",

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.0727 sec (14 req/sec)