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tant Title XI program rescue, benefitting

MARAD as well as the shipbuilding and ship operating communities.

These SCA lead successes demon- strate both the Congressional support for the Title XI program, and what a deter- mined private sector effort can some- times accomplish. However, we should not only be applauding these SCA lead successes. We should be working with

SCA and with one another to pursue this and other maritime sector goals.

Perhaps an SCA led effort can achieve a rescue for Maritime Administrator

Schubert's now beleaguered CCF pro- posals for financing vessels in U.S.

Coastwise trades?

Part IV. Concluding Thoughts

There are current domestic shipbuild- ing opportunities for fleet replacement and expanded needs for our OPA 90 and other coastwise and Gulf of Mexico energy related services; fleet replace- ments for the noncontagious services; and vessels for expanding ferry needs in

Footnotes 1 These proposals were put forward by Maritime Administrator

William G. Schubert in testimony before the House Armed

Services Committee in March 2002, and would make over $1.4 billion already set aside for shipbuilding immediately available for

Coastwise vessel construction, as well as providing a sound basis for future Coastwise vessel project funding. 2 The texts of the SAFETEA Reauthorization and the DOT Draft

Plan can be accessed at the DOT home page at http://www.dot.gov by clicking on "SAFETEA Reauthorization" and "Comments Requested on FY 03-08 Strategic Plan."

Maritime Reporter readers should respond to this invitation by providing email comments which will question and comment upon the absence of any reference in these documents to the maritime sector's potential role in resolving our national trans- portation problems. 3 See, "OPA 90 Phase Out of Environmentally Risky Vessels -

Much to be Done," Shipbuilders Council of America (June 2002) (hereafter "SCA 90 Memo"). 4 See, generally, SCA 90 Memo (which contains a detailed dis- cussion and includes tables showing tank vessel and tank barge phase outs year-by-year from 2002 through 2015). 5 SCA 90 Memo. 6 Leback, "We need ships for commercial, military use," The

Journal of Commerce (February 24 - March 2, 2003). Captain

Warren Leback is a former Maritime Administrator. The product tanker plan which he proposes is similar to a MARAD tanker con- struction program which was implemented shortly prior to World

War II. 7 Pearson, "Major Operators Adding OSVs at Record Pace,"

MarineNews (April 28, 2002). 8 "The Economic Contribution of the U.S. Commercial

Shipbuilding Industry," LECG LLC ( April 2002).

About the Author

H. Clayton Cook, Jr., B S Princeton

University, LL B The University of

Virginia. Mr. Cook served as General

Counsel of the U. S. Maritime

Administration from 1970 to 1973, where he was responsible for the imple- mentation of the Merchant Marine Act of 1970, and the drafting of the Federal

Ship Financing Act of 1972. Upon completing his government service, Mr.

Cook joined Cadwalader, Wickersham & Taft as the partner responsible for the development of that firm's

Washington Maritime practice. Mr.

Cook continues his law practice today as Senior Counsel to Fulbright &

Jaworski L.L.P in that firm's

Washington, D.C. offices. He is also a partner in Management &

Transportation Associates, Inc., a man- agement consulting firm based in

Essex, Connecticut. Mr. Cook's email address is [email protected]. passenger and passenger/vehicle servic- es in coastwise, Great Lakes and inland trades. These opportunities will contin- ue and expand as they become more clearly defined during the course of the decade. What does this mean for U.S. shipbuilding? In reviewing the domes- tic transportation scene we can probably agree upon the areas of need, and upon the vessel design and shipyard construc- tion solutions. The problem that remains is that of attracting the equity capital and long term debt financing necessary to fund these projects on a basis which is sufficiently economical to allow project success. In the end, U. S. shipbuilding opportunities during the current decade will be constrained, not by trans- port a t i o n needs, or vessel design or shipyard ^ capacity, but by the lack of reasonably priced capital which is likely to be dedicated to meeting national waterborne transportation needs. mooiiMC rnmmiiNiroTiriNC iinKniC «_Ui ti luiliLn i lui i j

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June 2003

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