MARAD Approves Title XI Loan for Gray Offshore

A $12 million Title XI loan guarantee supporting the recent construction of three oceangoing deck barges was recently approved by the U.S. Maritime Administration (MARAD).

The three barges, Julius, Cordie and Gwendolyn, were built by Conrad Industries for barge leasing company Gray Offshore, LLC and are currently in service in the Gulf Coast on project cargo moves in Mexico and transporting modules for U.S. refinery upgrades.

MARAD’s Title XI program aims to promote the growth and modernization of America’s merchant marine industry while enabling owners of eligible vessels or eligible shipyards to obtain suitable long-term financing.