National Marine Gets Title XI Approval On $38.5-Million Orders

The Maritime Administration has approved in principle an application from National Marine Service, Inc., St. Louis, Mo., for a Title XI guarantee to aid in financing the construction of 46 double-skin, petroleum / chemical tank barges and five towboats.

The towboats, one built by Dravo Corporation and the others by Albert Ortes Boat Building, Inc., all have been delivered, as have 22 barges. The remaining 16 are scheduled for delivery during the first quarter of 1981, with dates not yet assigned for the others.

Hillman Barge and Construction Company was selected as the builder of 16 barges, Nashville Bridge Company of 26, and Jeffboat Inc. of four. Eight of the barges are to be 297.5 feet in length, with molded beams of 54 feet. The others will be 195 feet long with 35 foot beams. One towboat is 140 feet by 42 feet and the others, 65 feet by 26 feet.

The total estimated depreciated cost of the vessels is $38,481,765.

The approved Title XI guarantee amount of $32,396,000 represents the total of 87.5 percent of the cost of the barges, plus 75 percent of the cost of the towboats.

Maritime Reporter Magazine, page 24, Jan 15, 1981

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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.