HAV 832 SOV design SOV is now below building
According to MARAD’s newest listing of applications for Title XI financing ensures, Crowley SOV I, LLC is looking for a Title XI assure for the 288-foot HAV 832 service operation vessel (SOV) on order at Fincantieri Bay Shipbuilding, Sturgeon Bay, Wis., for operation by the CREST Wind three way partnership between Crowley and Esbjerg, Denmark-headquartered Esvagt.
The utility is looking for $146,475,743 in Title XI help over a 20-year time period and lists the precise value of the vessel to the applicant as $167,840,708.
The vessel is described on the MARAD itemizing as “One (1) new build Service Operation Vessel (SOV), a key vessel for U.S. offshore wind farms, used to transfer and accommodate land-based technicians to service and maintain offshore wind installations.”
As we reported earlier, vessels constructed for the offshore wind sector have been designated “Vessels of National Interest.” That designation, prioritizes offshore wind vessels for consideration for Title XI federal ship financing.
The program — typically known as “Title XI” based mostly on the a part of the Merchant Marine Act of 1936 that established it — is run by MARAD.
As defined by MARAD, this system “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. Through long-term debt repayment guarantees, the program encourages U.S. shipowners to obtain new vessels from U. S. shipyards cost effectively. It also assists U.S. shipyards with modernizing their facilities for building and repairing vessels. The repayment term allowed under the program generally is much longer, and the interest rates are lower, than those available from the commercial lending market because of the obligations guaranteed by the U.S. Government.”
