MarAd Approves Title XI For Vessels Costing $12.4 Million

The Maritime Administration has approved in principle an application by Parker Towing Co., Inc., Tuscaloosa, Ala., for a Title XI guarantee to aid in financing 33 hopper barges, two doubleskinned petroleum tank barges, one towboat, and the reconditioning of two towboats and four used hopper barges.

Jeffboat Inc., Jeffersonville, Ind., is building the 35 new barges and reconditioning the four used barges. Mainstream Shipyard & Supply, Inc., Greenville, Miss., built the new towboat Tim Parker and reconditioned one of the used towboats, the M/V Mobile. The remaining towboat, Lady Nica, was reconditioned by Hamilton Machine Shop, Inc., Chickasaw, Ala. Work on most of the vessels already has been completed; the remainder are expected to be delivered by the end of the year.

Parker Towing plans to use the vessels in its general towing service, which hauls coal, petroleum, steel, manganese, grain and other cargoes along the rivers and coastal waterways of the U.S.

Gulf Coast.

The approved Title XI guarantee is for $10,655,000, approximately 87y. percent of the vessels' $12,450,158 combined estimated depreciated actual cost.

Maritime Reporter Magazine, page 51, Nov 15, 1980

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Maritime Reporter

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