MARAD APPROVES $81 MILLION IN TITLE XI LOANS FOR TWO PROJECTS

MARAD APPROVES $81 MILLION IN TITLE XI LOANS FOR TWO PROJECTS    The U.S. Maritime Administration has agreed to commit $81 million in Title XI financing to help construct 170 inland hopper barges and one 2,600-TEU containership.
   The agency approved a commitment for $43.5 million to help finance inland hopper barges which are to be chartered for the term of the financing to American Commercial Barge Line, a subsidiary of American Commercial Lines.
   The barges are being built by Jeffboat LLC, a subsidiary of American Commercial Lines, in Jeffersonville, Ind.
   MarAd also approved a commitment for $37.5 million to help finance the construction of the 2,600 TEU containership, which will be chartered to an affiliate of Kvaerner Shipbuilding, Inc. (KSI) for the term of the financing.
   The Title XI debt of KSI will be guaranteed by Kvaerner Holdings, Inc. of Delaware and by Kvaerner ASA, the Norwegian parent of all the Kvaerner entities, MarAd said.
   Kvaerner’s new shipyard in Philadelphia will build the vessel.