Crowley Seeks Title XI Loan Guarantee for World’s First LNG-Powered ConRo’s

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June 26, 2014

An artist’s rendering of Crowley’s new Commitment Class, LNG-Powered, ConRo Vessel. Image (c) Crowley Maritime Corp.

Crowley Maritime Corporation is seeking the U.S. Governments help to pay for two new LNG-powered Roll-On/Roll-Off containerships being built in Mississippi.

According to a pending applications document just released by MARAD, Crowley ConRo, LLC, a subsidiary of Crowley Maritime Corp., has requested a loan of $362,700,000 under the Title XI Federal Ship Financing Program. Crowley submitted the application on May 30 with a requested term of 25 years. The actual cost to Crowley for the two vessels is $414,600,000, the application shows.

Crowley ordered the ConRo’s back in November 2013 from VT Halter Marine of Pascagoula, Mississippi. The vessels will provide Jones Act service between the U.S. mainland and Puerto Rico. The order marked the world’s first order for LNG-powered ConRo vessels. You can read more about the vessels HERE.

The so-called Commitment Class vessels are designed to travel at speeds up to 22 knots, carry containers ranging in size from 20-foot standard to 53-foot-long units, and hundreds of vehicles in enclosed, weather-tight car decking.

The ships are scheduled for delivery from VT Halter Marine’s Gulfport shipyard in second and fourth quarter 2017 and will replace Crowley’s towed triple-deck barge fleet, which has served the trade continuously since the early 1970s.

The Title XI Federal Ship Financing Program provides for a full faith and credit guarantee by the U.S. Government for the purpose of growth and modernization of the U.S. merchant marine and U.S. shipyards. The Program is administered by the Secretary of Transportation acting by and through the Maritime Administrator.

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