$16-Million Title XI MarAd Guarantee Approved For Dry Cargo Barge
Page 497 words
Government/Finance
The Maritime Administration approved in principle a Title XI guarantee application from Universal American Barge Corp. for a 33,000-dwt dry cargo barge built by Bay Shipbuilding Corp. The guarantee is for $16,047,000, up to 87.5 percent of the barge's depreciated actual cost.
Acting Maritime Administrator Bruce McAllister recently approved in principle an application from Universal American Barge Corp., Greenwich, Conn., for a Title XI guarantee to aid in financing a 33,000-dwt dry cargo barge. The vessel was built by Bay Shipbuilding Corp., Sturgeon Bay, Wis., and delivered last month.
The applicant, a subsidiary of Universal American Shipping Co., indicated the barge will be used for domestic coal shipments. The approved guarantee is for $16,047,000, or up to 87.5 percent of the barge's estimated depreciated actual cost of $18,339,638.
Mentioned in this article
Company
Universal American Barge Corp.applicant, Greenwich, Conn.
Universal American Shipping Co.parent company
Bay Shipbuilding Corp.shipbuilder, Sturgeon Bay, Wis.
GeoLocation
Greenwich, Conn.
Sturgeon Bay, Wis.
Organization
Maritime Administrationfederal agency granting Title XI guarantee
Contact
Bruce McAllisterActing Maritime Administrator
Transcribed from the October 15, 1981 print edition of Maritime Reporter &
Engineering News. Text is OCR-derived and may contain errors.
