Crowley seeks Title XI guarantees for LNG fueled ConRo pair

LNG fueled Crowley ConRo LNG fueled Crowley ConRo

JUNE 25, 2014 — Crowley is looking for a Title XI ship financing guarantee for the two LNG fueled ConRo ships it has ordered from shipbuilder VT Halter Marine.

The latest listing of Title XI applications released by the U.S. Maritime Administration shows that on May 30, Crowley ConRo, LLC filed an application for Title XI loan guarantee support for a requested loan amount of $362,700,000 over 25 years on an actual cost of $414,600,000.

That makes the Crowley application the largest on Marad's current list, the next largest being an application filed May 14 by TOTE Shipholdings, Inc. for a $320 million guarantee over 25 years on the two LNG fueled containerships it has on order at NASSCO, San Diego. The actual cost to the applicant for those two ships is shown as $366 million.