Tenn-Tom Towing Asks Title XI For Barges And Towboats
Tenn-Tom Towing, Inc., 25 North Section Street, Fairhope, Ala., has applied for a Title XI guarantee to aid in financing the construction of two steel oil barges and two oil screw towboats.
The vessels will be operated in the Gulf Intracoastal Waterway and on related connecting river systems. The applicant transports petroleum products under contract.
The two steel oil barges will measure approximately 264 feet by 50 feet by 10.25 feet. A shipyard for the barges has not been determined yet.
The two boats covered in the application are the 147-gross-ton Herndon R and the 64-gross-ton Ruth McCoy, which were delivered September 16 and November 1, 1977, respectively. The Herndon R was built at Rayco Shipbuilders & Repairs, Inc., and the Ruth McCoy at Dravo Steel- Ship Corporation.
If approved, the barges would qualify for 87x/2 percent guarantees and the towboats for 75 percent guarantees. The total amount guaranteed for the four vessels would be approximately $1,475,000.
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