Coastal Towing Seeks Title XI On Eight Vessels To Cost $11.7 Million Total
Coastal Towing, Inc., Texas, a subsidiary of Coastal Towing, Inc., Houston, has applied to the Maritime Administration for a Title XI guarantee to aid in financing the construction of six tank barges and two towboats. All of the vessels are to be used in the inland waters of the United States. Verret Shipyard, Inc., Plaquemine, La., is to build the two towboats, which will be 100 feet long; Janoush Marine, Inc., Rosedale, Miss., will build two tank barges, which have an overall length of 290 feet; and Nashville Bridge Co., Nashville, Tenn., will build four tank barges, two of which will have an overall length of 297 feet 6 inches and two which will measure 282 feet 9 inches. All of the vessels are scheduled to be delivered between April and June 1981.
If approved, the title XI guarantee would cover $9,814,383 of the total estimated cost of $11,- 693,511.