Ocean Barge Applies For Title XI For Cargo Barge Costing $18.3 Million

Ocean Barge Corp., No. 12 Canal Street, New Orleans, La., 70130, has applied for a Title XI guarantee to aid in financing the construction of a 33,000-deadweight-ton ocean dry-bulk cargo barge.

Bay Shipbuilding Corp., Sturgeon Bay, Wis., is the proposed builder.

The vessel, scheduled to be delivered in November, will operate in both the domestic and international commerce of the United States.

If approved, the Title XI guarantee would cover $16,082,000 or about 87 1/2 percent of the estimated actual cost of $18,380,000.