Acting Maritime Administrator Bruce A. McAllister has approved in principle an application by Morania Barge No. 470 Inc., a wholly owned subsidiary of Penn Industries, Inc., New York, N.Y., for a Title XI guarantee to aid in financing a twin-screw oceangoing tug and a bulk oil barge.
The 383-foot barge was delivered by SBA Shipyard, Inc., Jennings, La., last September. The 4,000-horsepower tug was built by Modern Marine Power Inc., Houma, La. The vessels will transport cargoes between the port of New York and other ports in the states of New York and New England.
The combined estimated depreciated actual cost of both vessels is $5,817,370, and both of the vessels are eligible for an 87.5 percent guarantee under the Title XI program. However, the amount of the guarantee in this case has been set at $4 million at Morania's request.