$2.1-Million Title XI Guarantee For Tanker IGS And COW Retrofit
The Maritime Administration has approved in principle an application for a Title XI guarantee to aid in financing the reconstruction of the 264,000-dwt tankers Massachusetts, New York, and Maryland to comply with the Port and Tanker Safety Act of 1978. Each of the vessels was built with the aid of constructiondifferential subsidy (CDS). They were delivered in October 1975, May 1976, and August 1976, respectively. The ships are time chartered to subsidiaries of Seatrain Lines, Inc. — Bay State Tankers, Inc., New York Tankers, Inc., and Maryland Tankers, Inc. Seatrain currently is o p e r a t i n g under Chapter 11 of the Bankruptcy Act. T o d d S h i p y a r d s , Galveston, Texas, performed the work on the Massachusetts and New York.
Triple A Shipyard, San Francisco, Calif., reconstructed the Maryland. The work primarily involved installation of crude oil washing and inert gas systems. The ships were redelivered in April, October, and August 1981, respectively.
The Title XI guarantee f o r this reconstruction project totals $2,- 134,000 or 75 percent of the estimated depreciated actual cost of $2,845,828. No CDS was involved in this project.