MARITIME ADMINISTRATION ISSUES RULE: VESSEL AND SHIPYARD FINANCING, REGULATORY REVISION

WASHINGTON, Aug. 28 -- Maritime Administration has issued a rule called: Vessel and Shipyard Financing, Regulatory Revision.

The rule was published in the Federal Register on Aug. 28 by T. Mitchell Hudson, Secretary, Maritime Administration.

Summary: This interim final rule revises MARAD regulations implementing the Vessel and Shipyard Financing Program (Title XI Program or the Program) financial and programmatic requirements. Specifically, MARAD implements statutory changes, updates the vessel project and shipyard project financing requirements imposed on Title XI Program borrowers, aligns the Title XI Program with modern Federal credit best practices, corrects numerous legal citations, improves accessibility by modernizing text, and rem...