Fiscal Year 2016: In FY 2016, a commitment to guarantee $373.7 million was approved for mortgage period financing to construct two Jones Act qualified LNG powered ConRo vessels.
Fiscal Year 2017: None projected.
Fiscal Year 2018: No Current Data Available
The Department of Transportation's mission is to ensure fast, safe, efficient, accessible and convenient transportation that meets vital national interests and enhances the quality of life of the American people, today and into the future.
Fiscal Year 2016: In FY 2016, a commitment to guarantee $373.7 million was approved for mortgage period financing to construct two Jones Act qualified LNG powered ConRo vessels. Fiscal Year 2017: In 2017 authority to guarantee over $9.67 billion of new guarantees. Fiscal Year 2018: In 2018 authority to guarantee over $9.2 billion of new guarantees.
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 intercoastal 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.
To provide competitive financing through the issuance of guarantees of debt issued for the purpose of financing or refinancing the construction, reconstruction or reconditioning of vessels built in United States shipyards.
Assistance is 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.
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.
U.S. and foreign shipowners, or eligible U.S. shipyards.
Financial history, economic feasibility of project, operating history, citizenship of applicant. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Informal preapplication meeting is recommended.
This program is excluded from coverage under OMB Circular No.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application Form MA-163 must be filed with the Office of Marine Financing, Maritime Administration, 1200 New Jersey Avenue, S.E., Washington, DC 20590.
Final approval granted by the Maritime Administrator.
Federal Credit Reform Act, 46 U.S.C 537.
Range of Approval/Disapproval Time
.The Maritime Administration is required to approve or deny an application within two years of receiving a signed application. The deadline may be extended up to two years by applicant.
Formula and Matching Requirements
Statutory formulas are not applicable to this program. Matching requirements are not applicable to this program. This program does not have MOE requirements.
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. See the following for information on how assistance is awarded/released: Guarantee of private-sector debt.
Post Assistance Requirements
This program is excluded from coverage under 2 CFR 200, Subpart F - Audit Requirements. See 'Index of Current Regulations,' Maritime Administration.
Financial reports as per contract. Annual reports regarding citizenship, no default certificates, vessel requirements.
(Salaries) FY 16 $3,135,000; FY 17 est $3,000,000; and FY 18 est $0 - (Salaries) FY 16 $3,135,000; FY 17 est. $3,000,000; and FY 18 $0. (Guaranteed/Insured Loans) FY 16 $0; FY 17 est $373,748,000; and FY 18 est $0 - (Guaranteed/Insured Loans) FY 16 $0; FY 17 est. $373,748,000; and FY 18 est. $0.
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.).
Regulations, Guidelines, and Literature
46 CFR Part 298. Booklet entitled, 'Federal Ship Financing Program.'
Regional or Local Office
See Regional Agency Offices. See Maritime Administration Regional Offices listed in Appendix IV of the Catalog.
David M. Gilmore 1200 New Jersey Avenue, S.E., Washington, District of Columbia 20590 Phone: (202) 366-2118
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.
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