Cove Liberty Corp., a subsidiary of Cove Maritime Companies, Inc., Wall Street Plaza, Suite 1630, New York, N.Y., has applied for a Title XI guarantee to aid in financing the reconstruction of a tanker.
No shipbuilder has been named to recondition the 69,000-dwt tanker, but the work is expected to be completed by the end of this year. Cove operates the tanker in the domestic coastal and intercoastal trades of the United States.
If approved, the guarantee would cover $21,875,000, or 87½ percent of the $25,000,000 estimated actual cost of reconditioning the vessel.