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

Legal

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

US Navy to Roll out Underwater Spy Satellites

The robotic series that remade crusade in skies will shortly extend to a low sea, with underwater view “satellites,” drone-launching pods on a sea building and unmanned ships sport submarines,

Bulk Carrier Trends

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.1156 sec (9 req/sec)