Page 26: of Maritime Reporter Magazine (September 1993)

MarAd News

MarAd Approves Financial

Aid For New U.S.-Built

Merchant Ship

MarAd has approved an applica- tion for aid in financing a new ocean- going merchant ship being built in an American shipyard, acting mari- time administrator Joan B. Yim announced.

The application was filed by Sul- phur Carriers Inc., a wholly owned subsidiary of International

Shipholding Corp., under MarAd's federal ship financing (Title XI) pro- gram. Under the program, the gov- ernment guarantees debt obligation allowing owners to obtain financing for American-built vessels.

The approved guarantee is for about $43 million, which is 75 per- cent of the ship's estimated actual cost of approximately $58 million.

The ship, a 525-foot, 24,000-dwt sulphur carrier being built for Sul- phur Carriers by McDermott, Inc. in Morgan City, La., is scheduled to be delivered in July 1994.

The ship will operate under the

American flag with an American crew, and will replace a foreign-flag ship now operating under special permission in U.S. domestic trade.

MarAd Accepts Bids

For 12 Vessels

The Maritime Administration has accepted bids for 12 vessels which were offered for sale for scrapping under Invitation for Bids No. EXC- 8628.

Company Vessel Price

California

Import & Lakewood Victory $368,512

Export Inc. 11 Colonial $353,725

Chenco Berea Victory $358,400

Intl. Inc. " Meredith Victory $355,900

Demeresa de

C.V./ co A.L. Belgium Victory $287,748

Burbank (Shipbrokers) 11 San Mateo Victory $299,547

Tucson Victory $294,984

Whitter Victory $297,721

Global

Marketing Carrol Victory $285,101

Systems

Clarksville Victory $288,601 " Cornell Victory $311,101 u Norwalk $316,801

MarAd's Report On Foreign

Subsidies Available

The Maritime Administration announced the availability of its

Report on Foreign Shipbuilding Sub- sidies. The report was transmitted to Congress by Secretary of Trans- portation Federico Pena in re- sponse to a requirement under the

National Defense Authorization Act of 1993.

It describes various government programs of assistance to shipyards provided by 31 countries plus an overview of the European Commu- nity.

Programs covered in the report include construction subsidies, aid for investment and restructuring, financing programs, loan terms and interest rates, vessel export credits, tax benefits, government ownership, support for research and develop- ment, and other aids. The report is based on information gathered from foreign governments by U.S. Em- bassies and other foreign service posts abroad through a recently con- ducted survey.

Copies of the report are available upon request from MarAd's Office of

External Affairs, Seventh St., SW,

Washington, D.C. 20590; tel: (202) 366-5807.

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