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Grant Community.com Catalog of Federal Domestic Assistance Program Descriptions |
CATALOG OF FEDERAL DOMESTIC
ASSISTANCE
20.802: Federal Ship Financing Guarantees
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| PROGRAM AND AWARD | FINANCIAL AND INFORMATION CONTACTS |
| ELIGIBILITY REQUIREMENTS | FINANCIAL AND ADMINISTRATIVE INFO. |
| APPLICATION AND AWARD PROCESS | INFORMATION CONTACTS |
| RELATED PROGRAMS | ASSISTANCE CONSIDERATIONS |
| PROGRAM ACCOMPLISHMENTS | POST ASSISTANCE REQUIREMENTS |
Applicant Eligibility: An individual with the ability, experience, financial resources, and other qualifications necessary for the adequate operation and maintenance of a vessel or an eligible shipyard.
Beneficiary Eligibility: U.S. and foreign ship owners, or eligible U.S. shipyards.
Credentials/Documentation: Financial history, economic feasibility of project, operating history, citizenship of applicant. This program is excluded from coverage design and specification information under OMB Circular No. A-87.
Preapplication Coordination: Informal preapplication meeting is recommended. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under E.O. 12372.
Application Procedure: Application Form MA163 must be filed with the Office of Ship Financing, Maritime Administration, 400 Seventh Street, SW., Washington, DC 20590. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110.
Award Procedure: Final approval granted by the Maritime Administrator.
Deadlines: No guarantee will be entered into later than 1 year after the delivery of a new vessel or shipbuilding technology, except for refinancing to provide funds for additional vessel construction or to refinance existing obligations issued for the purposes contained in Title XI.
Range of Approval/Disapproval Time: After a complete application has been filed with all supporting documents, processing time is about 60 days.
Appeals: None.
Renewals: Not applicable.
Criteria for Selecting Proposals: Projects which involve the construction, reconstruction or reconditioning of vessels in the United States and advanced and modern shipbuilding technology for a general shipyard facility are eligible for Title XI financing. In order to receive approval, applicants must possess the necessary ability, experience, financial resources and other qualifications. The financial resources necessary for the project are determined by the project's costs and the financial position and resources available to the applicant. Additionally, all projects must be determined to be economically feasible before approval can be granted. Applications are generally processed with a view towards accommodating the time frame of each and every applicant.
Examples of Funded Projects: In the past approvals were granted to aid in the construction of: tankers, cargos, LNGs, Bulk/OBOs, drill rigs, drill service vessels, ocean tugs and barges, river tugs and barges, shipboard lighters, ferries, and miscellaneous vessels and advanced and modern shipbuilding technology.
Range and Average of Financial Assistance: Historically projects have ranged from less than $1 million to several hundred million. (Average is not entered, because it would not be typical of the breadth of the program.)
A total of 11 applications were approved during fiscal year 1999 totaling $1,766,878,622. There are a total of 21 applications pending.
Federal Agency: MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION
Type of Assistance: Guaranteed/Insured Loans.
Obligations: (New loan guarantee commitments) FY 99 $59,821,000; FY 00 est $135,705,000; and FY 01 est $6,179,000.
Budget Account Number: 69-1752-0-3-403.
Authorization: Merchant Marine Act of 1936, Title XI, as amended, 46 U.S.C. 1271 et seq.
Regulations, Guidelines, and Literature: 46 CFR Part 298. Booklet entitled, "Federal Ship Financing Program."
Regional or Local Office: See Maritime Administration Regional Offices listed in Appendix IV of the Catalog.
Headquarters Office: Associate Administrator for Shipbuilding and Technology Development, Office of Ship Financing, Maritime Administration, Department of Transportation, Washington, DC 20590. Phone: (202) 366-0364.
(See Appendix IV for more contact info.)
Formula and Matching Requirements: The Act presently provides a limitation of 87 1/2 percent of the amount of "Actual Cost" which can be guaranteed. The remaining costs are to be provided by the applicant.
Length and Time Phasing of Assistance: Assistance provided as ship/shipbuilding technology is constructed and/or throughout life of ship/shipbuilding technology, but in any case not to exceed 25 years from vessel delivery or economic life of the assets being financed.
Uses and Use Restrictions: Guarantees are available to aid in financing of: 1) advanced shipbuilding technology and modern shipbuilding technology of a general shipyard facility located in the United States, and 2) vessels (including eligible export vessels) which are designed for research or for commercial use (a) in coastwide or intercostal trade; (b) on the Great Lakes or on bays, sounds, rivers, harbors, or inland lakes of the United States; (c) in foreign trade; (d) as an ocean thermal energy conversion facility or plantship; (e) as floating drydocks, or (f) with respect to an eligible export vessel, in world-wide trade. Any vessel of not less than 5 net tons, (other than a towboat, barge, scow, lighter, car float, canal boat or tank vessel of less than 25 gross tons) is eligible.
Reports: Financial reports as per contract. Annual reports regarding citizenship, no default certificates, vessel requirements.
Audits: See "Index of Current Regulations," Maritime Administration.
Records: Financial reports as per contract. Annual reports regarding citizenship, no default certificates, vessel requirements.
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