News Digest - DOT 71-15

The following press release was published by the U.S. Department of Transportation on Aug. 21, 2015. It is reproduced in full below.

MARAD APPROVES TITLE XI SHIP-CONSTRUCTION LOAN GUARANTEE FOR GRAY OFFSHORE, LLC. – The Maritime Administration today announced the approval of a $12 million Title XI loan guarantee supporting the recent construction of three oceangoing deck barges. The JULIUS, CORDIE and GWENDOLYN are currently in service in the Gulf Coast on project cargo moves in Mexico and transporting modules for US refinery upgrades. Gray Offshore, LLC is a barge leasing company providing marine construction and transportation services both domestically and internationally. Construction of the barge units was completed by Conrad Industries in Morgan City, Louisiana. MARAD’s Title XI program promotes the growth and modernization of America’s merchant marine industry while enabling owners of eligible vessels or eligible shipyards to obtain suitable long-term financing. For more information, contact Kim Strong, Office of Public Affairs, at (202) 366-5807.

Source: U.S. Department of Transportation