Posted:
June 2, 2010
The National Defense Authorization Act of Fiscal Year 2011 as passed by the House of Representatives would extend the Maritime Security Program by 10 years if the legislation becomes law. The MSP is currently scheduled to expire with the close of fiscal year 2015.
The National Defense Authorization Act (H.R. 5136) was approved in the House May 28 by a vote of 229 - 186. Section 3501 authorizes full funding for the Maritime Security Program in fiscal year 2011 at $174 million. This section also authorizes $60 million for new shipbuilding loan guarantees under Title XI. Section 3502 of the act, added in the House Armed Services Committee, extends the expiration of the Maritime Security Program until 2025.
Designed to serve U.S. national security and defense transportation needs, the Maritime Security Program maintains military access to commercial tonnage and intermodal infrastructure, and allows the military to move equipment and goods quickly and efficiently at minimal cost. All 60 MSP vessels are U.S.-flagged and manned by U.S. citizens. AMO represents all licensed officers working aboard 15 ships in the MSP fleet.
The Title XI program allows the Maritime Administration to provide loan guarantees for ship construction at U.S. shipyards for up to 87.5 percent of a given loan's value. The program, implemented to foster the construction of merchant vessels in the U.S., facilitates the addition of Jones Act qualified vessels to the U.S. fleet and eases access to commercial credit for U.S. ship owners.
House of Representatives approves 10-year extension for Maritime Security Program
The National Defense Authorization Act of Fiscal Year 2011 as passed by the House of Representatives would extend the Maritime Security Program by 10 years if the legislation becomes law. The MSP is currently scheduled to expire with the close of fiscal year 2015.
The National Defense Authorization Act (H.R. 5136) was approved in the House May 28 by a vote of 229 - 186. Section 3501 authorizes full funding for the Maritime Security Program in fiscal year 2011 at $174 million. This section also authorizes $60 million for new shipbuilding loan guarantees under Title XI. Section 3502 of the act, added in the House Armed Services Committee, extends the expiration of the Maritime Security Program until 2025.
Designed to serve U.S. national security and defense transportation needs, the Maritime Security Program maintains military access to commercial tonnage and intermodal infrastructure, and allows the military to move equipment and goods quickly and efficiently at minimal cost. All 60 MSP vessels are U.S.-flagged and manned by U.S. citizens. AMO represents all licensed officers working aboard 15 ships in the MSP fleet.
The Title XI program allows the Maritime Administration to provide loan guarantees for ship construction at U.S. shipyards for up to 87.5 percent of a given loan's value. The program, implemented to foster the construction of merchant vessels in the U.S., facilitates the addition of Jones Act qualified vessels to the U.S. fleet and eases access to commercial credit for U.S. ship owners.