Page 17: of Maritime Reporter Magazine (November 1997)

MARINE FINANCE

Veritas (DNV). The 241-ft. (73.5 m) AH/TS vessel is expected to be delivered in April 1998. "We applaud Secunda's vision and faith in America's shipbuilding industry. This contract continues to bolster the resurgence of

American shipyards, enhance U.S. competitiveness, and provide employment for America's skilled labor force," Secretary Slater said.

Eastern Shipbuilding Group

To Build Crewboat/Ferry

Mar Ad has extended a $9.6 mil- lion federal loan guarantee to

Eastern Shipbuilding Group, Inc. to help finance the construction of a high-speed, 250-passenger crew- boat/ferry to be built in the Florida shipyard for Trico Marine.

Delivery of the twin hull vessel is expected in December and will operate with an American crew under U.S. registry. Trico Marine will operate the new crewboat/ferry for Petrobras

Brasileiro S.A., the Brazilian state oil company, for servicing oil plat- forms off the coast of Brazil.

Under the Title XI ship financing program administered by MarAd, funds are secured in the private sector with repayment guaranteed by the federal government. MarAd has agreed to guarantee approxi- mately $9.6 million or 75 percent of the estimated $12.9 million cost of the vessel. The term of the financing is eight years from deliv- ery of the vessel.

Corn Island, Tidewater

Equipment Get MarAd Boost

A $6.6 million loan guarantee was approved by MarAd to help finance the construction of seven ocean deck barges for operation in the U.S. Gulf of Mexico and U.S. coastal waters. Five of the seven barges will be built at the Corn

Island Shipyard while the remain- ing two will be constructed at

Tidewater Equipment Cashman

Equipment Company. Tidewater will deliver one barge in January 1998, with the second following one month later. Corn Island will begin delivery of its first barge

April 1, 1998, and supply one each month thereafter. "These new ship orders will cre- ate jobs for skilled American work- ers by government partnering with industry to promote economic development," Secretary Slater said. "This program is a real plus for American shipyards, their workers and their suppliers."

Hellenic Shipyards Wins

Conversion Contract

Hellenic Shipyards Co. recently won a contract from the Latsis group of companies to undertake conversion work on motor yacht

Alexander. The 393.7 ft. (120 m) vessel will be converted into a high class passenger cruise liner which conforms to all IMO structural and safety requirements. In addition to utilizing its own workforce,

Hellenic Shipyards are involving the services of the cruise liner out- fitting company Ippokampos SA and other local contractors. The work, which began in September, is scheduled for completion in

February 1998 and will involve structural and outfitting changes to the vessel. Though the value of the contract has not been made public, it is reportedly expected to be in the millions and is subject to heavy penalties for late delivery.

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Circle 208 on Reader Service Card

November, 1997 17