Title XI Requested For 2 Lakes Carriers Costing $ 6 0 M i l l i on

Two subsidiaries of American Steamship Co., 3250 Marine Midland Center, Buffalo, N.Y., have each applied for a Title XI guarantee to aid in financing the construction of a s e l f - u n l o a d i ng Great Lakes bulk carrier. Both vessels are under construction at Bay Shipbuilding Corp., Sturgeon Bay, Wis.

Cooper Steamship Co. has contracted for a 32,100-dwt bulker, which is scheduled for delivery in March. The actual cost of the vessel is approximate $28.8 million.

Goodyear Steamship Co. is having a 23,825-dwt bulk carrier built. The vessel, which is expected to be delivered in October, has an actual cost of approximately $31.5 million.

Propulsion for each of the vessels will be provided by a 7,200- hp diesel engine.

If approved, the Title XI guarantees would cover 87Y> percent of the actual cost of the vessels.

Maritime Reporter Magazine, page 4,  Jan 1980

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.