Maritime Administration News Release
|News Release #:||DOT 129a-11|
|Date:||Sep 30 2011|
MARAD Approves Title XI Loan Guarantee.
The Maritime Administration has approved a $346,129,000 Title XI guarantee to Vessel Management Services, Inc., a wholly-owned subsidiary of Crowley Holdings, Inc., for the construction of three 330,000 barrel double hull tug/barge units. VT Halter Marine, Inc. in Gulfport, Mississippi is constructing the barges and Dakota Creek Industries in Anacortes, Washington has been retained to build the tugs. The Title XI Loan Guarantee program provides funding to promote the growth and modernization of U.S. shipyards and the U.S. merchant marine.