Maritime Administrator Ann Phillips. “By integrating our internal waterways into the nation’s surface transportation system, we will be utilizing a more efficient, effective, and sustainable option for moving passengers and large freight.”
The U.S. Department of Transportation’s Maritime Administration (MARAD) stories that New Orleans headquartered Canal Barge Company Inc. has acquired a Federal Ship Financing Program (as “Title XI”) mortgage assure quantity of $51,458,000 over 25 years for 3 new towboats and 17 new barges.
The mortgage assure accredited for Canal Barge Company, Inc. helps the modernization of the corporate’s barges, and towboats, which service the inland waterways of the Ohio, Lower Mississippi, and Illinois Rivers.
According to the MARAD website, the mortgage assure helps a mission with a complete value of $64.6 million. The towboats will constructed at Steiner Construction, Bayou La Batre, Ala., and Conrad Industries, Inc., Morgan City, La., whereas the barges will likely be constructed by Southwest Shipyard L.P., Channelview, Texas.
“The Title XI program supports the construction of vessels in U.S. shipyards, strengthening this essential industrial base and supporting good-paying, high-skilled jobs,” stated MARAD Administrator Ann Phillips. “The Title XI program also enables American vessel owners to modernize their fleets and expand waterborne transportation options.”
The Title XI program permits shipyards and shipowners to entry loans which have longer phrases, larger loan-to-value quantities, and decrease rates of interest in comparison with loans offered by industrial lenders.
- The Department of Transportation just lately introduced that vessels supporting the offshore wind business have been designated as Vessels of National Interest beneath the Title XI program. This designation permits MARAD to prioritize these vessels within the software overview course of.
