TOTE seeks Title XI guarantees for LNG fueled newbuilds

JUNE 5, 2013 — According to an updated list of Title XI ship financing guarantee applications posted on the MARAD website, TOTE Shipholdings, Inc. has applied for a guarantee for $320 million in relation for the two LNG fueled containerships that it ordered from NASSCO last December (see earlier story)

On May 21, John Porcari, the deputy secretary of the US Department of Transportation, told the House Subcommittee on Coast Guard and Navigation that MARAD has enough budget authority to guarantee around $420 million of Title XI projects. With the TOTE request, there are now $845.7 million of applications pending. Also on the pending list are requests from Pasha Hawaii Shipping Company LLC for $154.9 million for the container/Ro-Ro vessel it plans to build at VT Halter Marine and from Chouest affiliated Legacy LLC for $369.7 million in relation to ten platform supply vessels planned for construction at four Chouest shipyards