The Maritime Administration increased its Title XI loan guarantee commitment on an integrated CATUG tug/barge tanker unit owned by First Pennsylvania Bank from $52,292,000 to $60,753,000 after a $9,669,000 rise in actual vessel cost.
The Maritime Administration has recently increased its Title XI loan guarantee commitment on an integrated CATUG tug/barge tanker unit owned by the First Pennsylvania Bank from $52,292,000 to $60,753,000.
The increase resulted from a $9,669,000 increase in the actual cost of the vessel between the time of MarAd's initial commitment and the closing date of the guarantee agreement. Federal loan financing guarantees on this vessel cover up to 87½ percent of its $69,432,000 cost. The CATUG is chartered and operated by Artemis Marine Co., L.P.
Mentioned in this article
Company
First Pennsylvania Bankvessel owner
Artemis Marine Co., L.P.charterer and operator
Organization
Maritime AdministrationTitle XI guarantor
Product
CATUGintegrated tug/barge tanker unit
Transcribed from the November 1981 print edition of Maritime Reporter &
Engineering News. Text is OCR-derived and may contain errors.
