Title XI Approved For Seven Rio Marine Barges Costing $8.7 Million

The Maritime Administration has approved in principle an application from Rio Marine, Inc., Pearland, Texas, for a Title XI guarantee to aid in financing the construction of seven double-skin chemical tank barges.

Three of the vessels were delivered last year (one in June and two in December). Two were scheduled for delivery last month and two in December. Newpark Shipbuilding and Repair, Inc., Houston, Texas, is the builder.

All of the barges will be 295 feet in length, with molded beams of 54 feet. Each will have a total oil and chemical cargo capacity of 20,750 barrels. The vessels will be used on rivers and the intercoastal waterways in the U.S. Gulf area.

The total actual cost of the seven barges is $8,746,509 and the depreciated actual cost, $8,- 674,154. The approved guarantee is for up to 871/> percent of the latter amount, or $7,589,000.

Maritime Reporter Magazine, page 21,  May 1981

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.