MarAd Approves Title XI Increase For Tugboat
The Maritime Administration has approved an increase in the actual cost of a twin-screw tugboat owned by Beker Shipping Co. from $8,036,770 to $8,951,- 800.46. The maximum amount of MarAd's Title XI guarantee as a result of this change has been fixed at $7,832,000. The maximum guarantee previously was $7,032,000.
The revised cost for the vessel resulted from an increase in owner-furnished equipment, a decrease in design and inspection, and an increase in interest during c o n s t r u c t i o n . The ownerfurnished equipment represents costs incurred by Beker for outfitting and equipping the vessel for the initial complement of spare parts.
The tug was built by Marinette Marine Corporation, Marinette, Wis., and delivered in April. It is used to tow barges which transport phosphate rock from the Port of Manatee across the Gulf of Mexico to a fertilizer complex at Taft, La.