MarAd Approves $210.9M in Title XI Loan Guarantees
The Maritime Administration today announced the approval of a $210.9 million Title XI loan guarantee supporting the recent construction of two articulated tug-barge units that are currently in service on Delaware Bay. Construction of the barge units involved five American shipyards, including Bender Shipbuilding & Repair, Inc., in Mobile, Alabama, and Tampa, Florida; VT Halter Marine; Atlantic Marine; Tampa Ship; and International Ship Repair. The federal loan guarantee is for OSG Delaware Lightering, LLC, a subsidiary of Overseas Shipholding Group, Inc. MARAD’s Title XI program promotes 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.