Crowley seeks Title XI guarantees for two tankers

JULY 19, 2013 — The most recent listing of pending Title XI shipbuilding loan gurantee applications released by the U.S. Maritime Administration shows that Crowley Tankers, LLC, applied July 1 for financing guarantees in relation to two Veteran Class product tankers from Aker Philadelphia Shipyard, Philadelphia, PA.

According to Marad, the actual cost to Crowley of the two ships is $193.5 million and it is seeking guarantees on a 25-year loan of $169.3 million.

The Veteran Class tankers are capable of carrying 330,000 barrels of petroleum products and chemicals. The Veteran Class design is based on the well proven, as-built Athenian Class 46,000 DWT product tanker from Hyundai Mipo Dockyards. The standard design was changed to conform to U.S. registry and U.S. coastwise trade requirements. Crowley owns and operates the ABS-classed Veteran Class tankers Florida and Pennsylvania.

Crowley has successfully used the Title XI program before to enhance its fleet. Back in 2011, for example, The Maritime Administration 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 bbl double hull  Articulated Tug Barge units (ATBs).

VT Halter Marine, Inc. in Gulfport, MS, constructed the ocean tank barges and Dakota Creek Industries, Anacortes, WA, built the tugs.