• ITVI.USA
    12,475.330
    -74.540
    -0.6%
  • OTLT.USA
    2.863
    0.005
    0.2%
  • OTRI.USA
    8.610
    0.210
    2.5%
  • OTVI.USA
    12,525.630
    -80.810
    -0.6%
  • TSTOPVRPM.ATLPHL
    2.780
    -0.050
    -1.8%
  • TSTOPVRPM.CHIATL
    2.390
    -0.270
    -10.2%
  • TSTOPVRPM.DALLAX
    1.800
    -0.040
    -2.2%
  • TSTOPVRPM.LAXDAL
    2.160
    -0.030
    -1.4%
  • TSTOPVRPM.PHLCHI
    1.990
    -0.020
    -1%
  • TSTOPVRPM.LAXSEA
    2.880
    -0.060
    -2%
  • WAIT.USA
    125.000
    6.000
    5%
  • ITVI.USA
    12,475.330
    -74.540
    -0.6%
  • OTLT.USA
    2.863
    0.005
    0.2%
  • OTRI.USA
    8.610
    0.210
    2.5%
  • OTVI.USA
    12,525.630
    -80.810
    -0.6%
  • TSTOPVRPM.ATLPHL
    2.780
    -0.050
    -1.8%
  • TSTOPVRPM.CHIATL
    2.390
    -0.270
    -10.2%
  • TSTOPVRPM.DALLAX
    1.800
    -0.040
    -2.2%
  • TSTOPVRPM.LAXDAL
    2.160
    -0.030
    -1.4%
  • TSTOPVRPM.PHLCHI
    1.990
    -0.020
    -1%
  • TSTOPVRPM.LAXSEA
    2.880
    -0.060
    -2%
  • WAIT.USA
    125.000
    6.000
    5%
American Shipper

MATSON RECEIVES $150 MILLION IN TITLE XI FINANCING

MATSON RECEIVES $150 MILLION IN TITLE XI FINANCING

   The U.S. Maritime Administration has approved Title XI financing for two U.S.-flag containerships under construction for Matson Navigation Co.

   The Title XI financing provides $75 million per ship. The 2,600-TEU ships are being built in the Kvaerner Philadelphia Shipyard in Philadelphia, and will be delivered to Matson’s West Coast/Hawaiian service in June 2003 and April 2004.

   Title XI, a loan guarantee program managed by MarAd, was established under the 1936 Merchant Marine Act to encourage commercial shipbuilding in U.S. shipyards.

   Matson plans to use the new diesel-powered containerships to replace two 30-year-old steam-powered vessels — the “Manulani” and “Manukai” — each with a capacity of 1,476 TEUs. The new vessels will be similar in size and speed to Matson’s “R.J. Pfeiffer,” built in 1992.