Streamlining and Simplifying US Government Guaranteed Vessel Financing
The Maritime Administration (MARAD) has taken several steps to streamline and simplify the Federal Ship Financing Program under Chapter 537 of Title 46 of the U.S. Code (commonly referred to as Title XI). The Title XI program provides for a full faith and credit guarantee by the United States government to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards. The Title XI Program supports U.S. shipowners obtaining new vessels from, or reconstructing and reconditioning vessels in, U.S. shipyards. It also aids U.S.
Provisions of the Energy Independence and Security Act of 2007 Implemented
The Maritime Administration (MarAd) issued a final rule implementing provisions of the Energy Independence and Security Act of 2007 and amending the definition of Agreement Vessel under the Capital Construction Fund. Among other things, amendment incorporates into the term Agreement Vessel those US vessels engaged in the Short Sea Transportation Trade, as defined by the Act. The changes come into effect immediately. Source: HK Law
