MARAD Updates Rules for Shipbuilding Loans
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Table of Contents
The Maritime Administration (MARAD) has issued an interim final rule to update the regulations for the Vessel and Shipyard Financing Program, commonly known as the Title XI Program. This program provides federal support to help shipbuilders and shipyards access private financing.
Why it matters: This is primarily an administrative cleanup. It does not change the fundamental purpose of the program, which is to facilitate private investment in the U.S. maritime industry. However, it does change the specific compliance requirements and paperwork that borrowers must meet to access federal support.
Who it affects
- Shipbuilders and shipyards that are current or prospective borrowers in the Title XI Program.
The U.S. Department of Transportation, Maritime Administration, published this rule in the Federal Register; readers should consult the original document for specific compliance details.
Agency: Transportation Department, Maritime Administration
Source: Federal Register — read the official document