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MarAd denies Title XI guarantee to APT

Ocean

Thursday, August 02, 2012

The U.S. Maritime Administration has denied an application by American Petroleum Tankers (APT) for a Title XI loan guarantee for five 49,000-deadweight-ton petroleum tankers that were built at the General Dynamics NASSCO shipyard in San Diego between 2006 and 2010 for the U.S. coastal trade. A letter from Maritime Administrator David Matsuda dated Aug. 1 said APT’s project was found to be economically unsound, did not warrant priority, and would exhaust MarAd’s limited resources f...

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