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Legal Beat for Title XI loan guarantees during FY 2001. Assuming an average risk reserve of 5 percent, these funds will provide financing for about $800 million in shipbuilding guar- antees. In contrast, applications for guarantees totaling nearly $5 billion await MarAd approval. The existing funds will be adequate to guarantee only 17 percent of the cur- rently pending projects. While all of these projects will not be approved in FY 2001.

Title XI funds may be fully expended by May 2001 if MarAd approves all the projects expected to be approved in the next several months. In addition, several of the largest projects awaiting action require more than the existing $40 million.

Title XI guarantees provide financing every year for a steady stream of small and medium-size projects and periodically for very large shipbuilding projects. Major ship- building projects, which provide supplemental commercial work to national defense shipyards, are a central objective of both the National Shipbuilding Initiative and the

Title XI Program, and require from two to four years to put together.

Investors in these larger projects will not proceed unless they can depend on the nec- essary funds being available once they raise the millions of dollars in equity required before MarAd will consider a loan guarantee application. During FY 1994-1999 the available level of funding averaged $110.2 million annually, ranging from a low of $94.3 million to a high of $126.8 million. With this level of funds available, an investor interested in a very large project can be confident that Title XI funds will be in the account when needed for the project, even if $35-40 million every year goes to small- er projects.

Dyer Ellis & Joseph, P.C. is a Washington, DC-based law firm with a domestic and international practice involving transportation, shipping, finance, corporate, securi- ties, legislative, environmental, and trade matters.

Call Suren Menon or Terri Deskins for reservations. 5555 North Channel Ave.

Portland, OR USA 97217

Phone:503-285-1111

Fax: 503-285-0361 [email protected]

At Cascade General, our dedication to craftsmanship is matched only by our dedication to efficiency. Everything hinges on teamwork. When your vessel enters our shipyard, you're met by specialized teams, some three generations strong, that quickly and flawlessly tackle every issue at hand with the passion of a world-class pit crew.

The teams at Cascade General have been honing this kind of precision planning to a science over the last 50 years. It's what allows us to complete repairs in record time—even accomplish projects previously considered impossible. It's why when you think of the most capable shipyard in the western hemisphere that consistently delivers pit stop performance, you'll think

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February, 2001

Circle 210 on Reader Service Card www.maritimetoday.com 13 r CRANKSHAFT ^

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