Push Made In Senate For $100M In Title XI Funding

Wednesday, May 09, 2001
A bipartisan group of 38 Senators have written to Senators Judd Gregg and Ernest Hollings, chairman and ranking member, respectively, of the Appropriations Committee's Subcommittee on Commerce, Justice, State and the Judiciary, requesting $100 million for the Title XI maritime loan guarantee program in Fiscal Year 2002. The Senators noted that "far from an unnecessary corporate subsidy, but rather a stabilizing force to the defense industrial base as it has grappled with major defense reductions over the past decade. Beyond its importance to the shipbuilding industry, Title XI has generated roughly $150 million in revenue from fees charged to Title XI applicants since 1993." "It is incomprehensible that anyone could define a program as a subsidy when the program generates more direct revenues to the U.S. Treasury than it expends," added Cynthia Brown, president of the American Shipbuilding Association. "For the past nine years … the U.S. Navy has procured only six ships per year on average … Commercial work, generated through Title XI Loan Guarantees, has been instrumental in sustaining the Nation's defense shipbuilding industrial base." Signatories to the letter, sponsored by Majority Leader Trent Lott, include: 10 members of the Senate Appropriations Committee, including one half (five) of Chairman Gregg's subcommittee; the Chairman and Ranking Member of the authorizing subcommittee, the Surface Transportation and Merchant Marine subcommittee of the Senate Commerce, Science and Transportation Committee; and, the Chairman of the Senate Armed Services Committee.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Senate Committee Approves Vessel Discharge Reform Legislation

The effort to establish a uniform national framework for the regulation of vessel discharges took another step forward as the Senate Committee on Commerce, Science and Transportation approved S.

UK Will Force Fridman to sell N.Sea Assets

Britain is ready to force the sale of Russian oligarch Mikhail Fridman's recently acquired North Sea energy assets unless it receives unspecified assurances within the next week,

General Dynamics Board Increases Dividend

The board of directors of General Dynamics today declared a regular quarterly dividend of 69 cents per share on the company's common stock, payable May 8, 2015,

Bulk Carrier Trends

Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.

MacGregor Wins Chinese Shipyard Order

MacGregor, part of Cargotec, has received an order from Wuhu Xinlian Shipyard in China for eight MacGregor dry bulk cement handling systems.   The fully automated

NORDEN Publishes CSR Report

Dampskibsselskabet NORDEN A/S has published its Corporate Social Responsibility (CSR) report 2014. Entitled, “On track”, the CSR report presents an overview of NORDEN’s CSR strategy,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics 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: 0.1482 sec (7 req/sec)