The Maritime Administration has approved in principle an application by Cooper Steamship Company for a Title XI guarantee to aid in financing a self-unloading bulk carrier designed for operation on the Great Lakes. Cooper Steamship is a wholly owned subsidiary of the American Steamship Company, Buffalo, N.Y.
The 730-foot-long, 31,720-dwt vessel was delivered by Bay Shipbuilding Corporation, Sturgeon Bay, Wis., last April. Title XI financing will cover $24,409,000, or 87½ percent of the vessel's $28,896,840 depreciated actual cost.