American Commercial Asks Title XI On Towboats And Barges To Cost $84 Million

American Commercial Lines, Inc., Houston, has applied to the Maritime Administration for a Title XI guarantee of some $69 million to aid in financing the construction of five towboats and 296 barges. The applicant is a subsidiary of Texas Gas Transmission Corp. of Owensboro, Ky.

The barges will vary in length from 195 feet to 245 feet. The towboats are to be 145 feet by 48 feet by 11 feet 5 inches. Being built by Jeffboat, the vessels were scheduled for deliveries beginning in 1979 through 1981. All are intended for operation on inland waterways.

Of the vessels' total estimated cost of $84,013,895, the Title XI guarantee would be $69,300,000, if approved; 87^ percent of the costs of the barges and 75 percent of the costs of the towboats are eligible for guarantees under the federal ship financing program.

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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.