MarAd approves loan guarantee for Gray Offshore

The following is the text of a news release from the U.S. Maritime Administration (MarAd):

(WASHINGTON) — The Maritime Administration has announced the approval of a $12 million Title XI loan guarantee supporting the recent construction of three oceangoing deck barges. The Julius, Cordie and Gwendolyn are currently in service in the Gulf Coast on project cargo moves in Mexico and transporting modules for U.S. refinery upgrades. Gray Offshore LLC is a barge leasing company providing marine construction and transportation services both domestically and internationally. Construction of the barge units was completed by Conrad Industries in Morgan City, La. MarAd’s Title XI program promotes the growth and modernization of America’s merchant marine industry while enabling owners of eligible vessels or eligible shipyards to obtain suitable long-term financing.

By Professional Mariner Staff