Lamberts Point Barge Title XI Approved For $20-Million Coal Barge

The Maritime Administration has approved in principle an application from Lamberts Point Barge Co. of One Commercial Place, Norfolk, Va., for a Title XI guarantee to aid in the financing of a 35,000- deadweight-ton self-discharging coal barge to be used in export coal top-off operations in Delaware Bay. The MarAd guarantee is designed to assist the company in obtaining favorable commercial financing for the project. Lamberts Point Barge is a wholly owned subsidiary of Norfolk Southern Corp., a major rail transporter of export coal. The approved guarantee is for $15,650,000 or 75 percent of the vessel's estimated actual cost of $20,865,050.

Bay Shipbuilding Corp. at Sturgeon Bay, Wise., will be the builder.

It will have an overall length of 550 feet, a molded beam of 78 feet and a full-load molded draft of 34 feet 7 inches. The estimated delivery date is April 1984. It will be equipped with two clam bucket cranes for use in topping off large bulk carriers. Due to draft restrictions, these oceangoing colliers will have been only partially loaded in Norfolk, Baltimore or Philadelphia.

The barge will be operated by Coastal Barge Corp. and Coal Logistics Corp, will serve as manager and sales agent.

Maritime Reporter Magazine, page 8,  Oct 1983 California

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