Posted:
January 25, 2011
In a letter to Congressmen C.W. Bill Young (R-FL) and Norm Dicks (D-WA), leaders of maritime labor and industry -- including American Maritime Officers and American Maritime Officers Service -- stressed the importance of the Title XI program to the economy, domestic commerce and the U.S. military, and advocated funding for new shipbuilding loan guarantees under the program in the 2011 and 2012 budgets.
In the letter to Rep. Young, the chairman of the House Appropriations Subcommittee on Defense, and Rep. Dicks, the ranking Democrat on the subcommittee, maritime labor and industry leaders noted the Title XI program provides a strong return for the U.S. economy, "as each Title XI dollar leverages 15-20 dollars of private investment.
"Funding and implementation of the Title XI program will help grow the U.S. economy and create and maintain American jobs in the domestic shipbuilding and related service and supply industries, as well as aboard United States-flag commercial vessels," the group wrote. "It will help maintain the nation's defense shipbuilding base and an active U.S.-flag merchant marine, which is essential to U.S. defense sealift requirements."
The letter was signed by Aker Philadelphia Shipyard Inc.; American Maritime Congress; American Maritime Officers; American Maritime Officers Service; American Shipping Group; Central Gulf Lines Inc.; Crowley Maritime Corporation; Horizon Lines Inc.; the International Organization of Masters, Mates & Pilots; the Marine Engineers Beneficial Association; Maritime Institute for Research and Industrial Development; the Seafarers International Union; the Shipbuilders Council of America; the Transportation Institute; and Waterman Steamship Corp.
Title XI is not a subsidy program. Developed to encourage the construction of merchant vessels in American shipyards, the Title XI program allows the Maritime Administration to guarantee a portion of private sector financing for such a project. Title XI loan guarantees ease access to commercial credit for companies seeking to build new ships at U.S. shipyards.
Maritime labor, industry urge support for Title XI shipbuilding loan guarantees
In a letter to Congressmen C.W. Bill Young (R-FL) and Norm Dicks (D-WA), leaders of maritime labor and industry -- including American Maritime Officers and American Maritime Officers Service -- stressed the importance of the Title XI program to the economy, domestic commerce and the U.S. military, and advocated funding for new shipbuilding loan guarantees under the program in the 2011 and 2012 budgets.
In the letter to Rep. Young, the chairman of the House Appropriations Subcommittee on Defense, and Rep. Dicks, the ranking Democrat on the subcommittee, maritime labor and industry leaders noted the Title XI program provides a strong return for the U.S. economy, "as each Title XI dollar leverages 15-20 dollars of private investment.
"Funding and implementation of the Title XI program will help grow the U.S. economy and create and maintain American jobs in the domestic shipbuilding and related service and supply industries, as well as aboard United States-flag commercial vessels," the group wrote. "It will help maintain the nation's defense shipbuilding base and an active U.S.-flag merchant marine, which is essential to U.S. defense sealift requirements."
The letter was signed by Aker Philadelphia Shipyard Inc.; American Maritime Congress; American Maritime Officers; American Maritime Officers Service; American Shipping Group; Central Gulf Lines Inc.; Crowley Maritime Corporation; Horizon Lines Inc.; the International Organization of Masters, Mates & Pilots; the Marine Engineers Beneficial Association; Maritime Institute for Research and Industrial Development; the Seafarers International Union; the Shipbuilders Council of America; the Transportation Institute; and Waterman Steamship Corp.
Title XI is not a subsidy program. Developed to encourage the construction of merchant vessels in American shipyards, the Title XI program allows the Maritime Administration to guarantee a portion of private sector financing for such a project. Title XI loan guarantees ease access to commercial credit for companies seeking to build new ships at U.S. shipyards.