Coast Tug No. 1 Limited Partnership, a subsidiary of Coastal Barge Corp., 2121 San Felipe Street, Houston, Texas 77109, has applied for Title XI financing to aid in construction of an 8,000-horsepower oceangoing tug.
The twin-diesel vessel is to be built by Mangone Shipbuilding, Houston, Texas, and is expected to operate in the coastwise trade.
If approved, Title XI financing would cover $5,432,000 or approximately 87½ percent of the estimated actual cost of $6,208,000. Delivery date has not been scheduled.