Artemis Marine Amends Application For Catug Title XI Guarantee

By letter of November 2, 1978, A r t e m i s Marine Company has amended its application filed May 9, 1976, for a Title XI guarantee to aid in financing the construction of an integrated tugbarge unit of the Catug (catamaran- tug) design. Artemis, located at 410 Lakeville Road, Lake Success, N.Y., is a limited partnership affiliated with the "Berger Group" companies.

The amended application shows the estimated actual cost of the vessel as $54,050,000. Up to 87V2 percent of that amount, or $47,- 293,000, would be eligible for a guarantee.

Originally, the Berger Group had submitted Title XI, construction- differential and operatingdifferential subsidy applications for two vessels. The Maritime Subsidy Board recently denied those applications, finding they did not further the purposes and policy of the Merchant Marine Act of 1936, as amended. (This action was noted in the Press Book item B78-472, October 24, 1978). The single vessel covered in the amended Title XI application would engage in domestic trades and would not receive operating or construction subsidies.

Maritime Reporter Magazine, page 9,  Dec 1978

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