Shearson Seeks Title XI On $17.5-Million Order For 65 Hopper Barges

Shearson River Barge Associates I, II, VI, and VII, New York, have applied to the Maritime Administration for Title XI guarantees to aid in financing the construction of 65 hopper barges for operation on the inland waterways of the United States.

Twenty 200-foot barges are to be constructed by Nashville Bridge Company, Nashville, Tenn., and Cargo Carriers, Inc., Minneapolis, Minn. If approved, Title XI financing would cover $4,377,000, or 87y2 percent of the estimated actual cost of $5,003,- 374.

Thirty 195-foot barges are to be constructed by Dravo Corporation, Pittsburgh. If approved, Title XI financing would cover $6,995,000, or approximately 87V2 percent of the estimated cost of $8,225,250. The remaining 15 vessels are to be built by Jeffboat, Incorporated, Jeffersonville, Ind., and Proform, Inc., Minneapolis, Minn. If approved, Title XI fi- nancing would cover $3,747,000, or 871/; percent of the estimated cost of $4,282,500.

Deliveries of all of the barges are scheduled by early 1981.

Maritime Reporter Magazine, page 38, Oct 15, 1980

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