actually that is legal…MarAd guaranteed the mortgages for a couple Double Eagle tankers built by NNSB back in the 90’s for Greek owners. Don’t think any of them ever went bankrupt unlike so many guarantees offered to US owners.
Kind of BS to use government money to offer guarantees to foreign buyers but Title XI is to give US shipyard workers jobs not supposed to be about US mariners.
[QUOTE=c.captain;156318]actually that is legal…MarAd guaranteed the mortgages for several Double Eagle tankers built by NNSB back in the 90’s for Greek owners. Don’t think any of them ever went bankrupt unlike so many guarantees offered to US owners.[/QUOTE]
Newport News lost $300 million on building the Double Eagle Tankers. Due to losses they cut the program from 8 to 5. Those 5 eventually became American flagged and are now bare boat chartered to Chevron. Remember how Hvide Marine Incorporated on behalf of Lightship Tankers L.L.C. took control of them in 1997. Newport News bought out former partner Van Ommeren, which wanted out of the venture. At one time the market believed Van Ommeren would reflag the vessels and run them internationally. MARAD got Hvide to buy a stake in them to save the Title XI money that they put into the program.
The loan I posted is barely legit.
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[QUOTE=c.captain;156318]actually that is legal…MarAd guaranteed the mortgages for a couple Double Eagle tankers built by NNSB back in the 90’s for Greek owners. Don’t think any of them ever went bankrupt unlike so many guarantees offered to US owners.
Kind of BS to use government money to offer guarantees to foreign buyers but Title XI is to give US shipyard workers jobs not supposed to be about US mariners.[/QUOTE]
By the way those tankers were originally built by Eletson affiliates and managed by Eletson Corp, the VP of Eleston Corp; Gregory Hadjieleftheriadis son graduated from KP in '95.
agreed it is BS and I am confused that some vessels built under Title XI like the Q4000 did have to be US flagged. Remember though it is MadAd we are talking about here and they are not the world’s biggest proponent of building a healthy US flag fleet.
Remember that Title XI, authorized pursuant to 46 U.S.C. Chapter 537, provides U.S. Government guaranteed debt issued by (1) U.S. or foreign shipowners for the purpose of financing or refinancing either U.S. flag vessels or eligible export vessels constructed, reconstructed or reconditioned in U.S. shipyards and (2) U.S. shipyards for the purpose of financing advanced shipbuilding technology and modern shipbuilding technology of a privately-owned, general shipyard facility located in the U.S.
MARAD can pick and choose what ships or yards get the money and meets the program guidelines.