MARAD Shipbuilding Loan Guarantee

By Joseph R. Fonseca
Sunday, August 31, 2014
Bravante IX launch

 

The launch of the Bravante IX, built in a U.S. shipyard, was from the investments made by the Maritime Administration (MARAD) just three years ago.

The investment in and upgrading of the infrastructure can be an economic game changer, increasing competiveness and fostering long term job creation.  Over the last five years, the work of two MARAD grant and financing programs have come together at Eastern Shipbuilding of Panama City, FL, to provide a perfect example of this principle at work.

The Bravante IX is the fifth and final platform supply vessel ordered from Eastern Shipbuilding by Boldini S.A, a Brazilian company.  These U.S.-manufactured vessels will provide service in deepwater oil fields off the coast of South America and were made possible in part by a $241 million Department of Transportation Title XI loan guarantee. What’s more, two MARAD Small Shipyard grants, totaling $3.4 million awarded to Eastern Shipbuilding, allowed for upgrades to their facilities, making the company a more attractive choice to Boldini for vessel construction.

MARAD’s Small Shipyard Grant program, which fosters greater efficiency and competitiveness, enabled Eastern to purchase modern equipment, allowing them to construct vessels more quickly, making their shipyard not only more efficient, but also more competitive globally with lower costs and much higher productivity. The shipyard credits their new, Federally-funded equipment, and the construction of the Boldini vessels with creating 350 long term American jobs.  Our Title XI Loan Guarantee Program, which provides full faith and credit for loans to build vessels constructed in U.S. shipyards, added the final piece for Eastern’s growth. Thanks in part to these programs, Eastern Shipbuilding --now employing about 1,600 people-- has increased orders from Boldini and other companies and currently completes and launches a new vessel about every six weeks.

The completion of these vessels and growth in Eastern Shipbuilding’s productivity show that the Obama Administration’s investment in our manufacturing infrastructure pays huge dividends. Since 2009, this Administration has invested more than $150 million to boost small U.S. shipyard efficiency and productivity and grow the number of jobs for shipbuilding and repair workers, and the thousands of businesses that supply the industry. The Small Shipyard Grant Program is proof that even modest investments in the shipbuilding and repairing industry produce significant returns and benefit both the local and regional economy .

MARAD programs that support U.S. shipyards are helping to create quality, good paying jobs and support economic growth far beyond our nation’s ports, rivers and waterways. In supporting them, this Administration continues its commitment to helping businesses grow, all while creating jobs here in America.
 

 

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

Marine Electronics

Atteridge Retires from Furuno USA

After 30 years of service to Furuno USA, Inc., Jim Atteridge is retiring as President and assuming a new role, as Director and Corporate Advisor. Effective December 1,

Transas Launches Web Map Service

Transas Marine has launched Transas Web Map Service (WMS)to provide transparent and easy access to navigation charts through common interface. Access to comprehensive

New Portable Power System from SWE

Southwest Electronic Energy announced the launch of POW-R Tote, a rugged, lightweight, 12V/117Ah portable power system which provides compact-convenient energy

Shipbuilding

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Everett College to Launch New Research Boat

Everett Community College’s Ocean Research College Academy (ORCA) will launch its new research vesel on November 22 with a celebration at 11 a.m. at the Port of Everett.

Video: Reefer RoRo Ship Design Rebooted

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II.

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

News

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Marine Equipment

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

Deepwater Semi-Sub COSL Prospector Delivered

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province.

Vessels

USS Oscar Austin Deploys to 6th fleet

Arleigh Burke-class guided-missile destroyer USS Oscar Austin (DDG 79) departed Naval Station Norfolk Nov. 21 for a deployment to the U.S. 6th Fleet area of responsibility (AOR).

Orlando Ashford is President, Holland America Line

Holland America Line announced today that effective Dec. 1 Orlando Ashford will join the company as president to lead the award-winning cruise line's brand and business,

Bouchard Vessels Honored by SCA

Forty-three Bouchard Transportation Co., Inc. vessels have been honored by The Chamber of Shipping America (CSA) with Certificates of Environmental Achievement.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1430 sec (7 req/sec)