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

Navy

Emergency Mediterranean SAR Needs Crowdfunding

Mediterranean SAR operation needs crowdfunding to save lives in 2015   The independent Search and Rescue (SAR) operation MOAS (Migrant Offshore Aid Station) is

Gas Turbine Alternator Installed into Aircraft Carrier

The Aircraft Carrier Alliance has completed the installation of the first MT30 Gas Turbine Alternator (GTA) package into the Royal Navy’s latest aircraft carrier HMS Prince of Wales,

ICS: EU Must Act in Mediterranean Crisis

The International Chamber of Shipping (ICS) says EU Member States must act urgently to prevent the loss of thousands more lives, as the humanitarian crisis in the

Finance

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.3296 sec (3 req/sec)