Assistant Secretary of Commerce for Maritime Affairs, Maritime Administration, Samuel B. Nemirow has approved in principle an application by O.L. Schmidt Barge Lines, Inc., for a Title XI guarantee to aid in financing the construction of a double-skinned tank barge.
The vessel, which was scheduled for delivery by the end of 1980, will have an overall length of 275 feet and a molded beam of 54 feet. It is expected to operate in the cartage of residential fuel in the Lake Michigan area, mostly between Chicago, and East Chicago, Ind. Port of Brownsville Shipyard, Inc., Brownsville, Texas, is the builder.
Title XI financing will cover $1,470,000, or 87 1/2 percent of the estimated cost of $1,680,000.