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ARTICLE · 10 MARCH 2014

U.S. Maritime Administration Proposes Policy Change to Title XI Loan Guarantees

Blank Rome LLP
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The U.S. Maritime Administration published a notice proposing to add new environmental policy considerations to its determination of "economic soundness".

United StatesTransport
Jonathan Waldron
Jonathan Waldron
Joan Bondareff
Joan Bondareff
R. Anthony Salgado
R. Anthony Salgado
Brett Esber
Brett Esber

Maritime

NEW DEVELOPMENTS

On February 24, 2014, the U.S. Maritime Administration ("MARAD") published a notice in the Federal Register proposing to add new environmental policy considerations to its determination of "economic soundness" for applicants for Title XI loan guarantees. 79 Fed. Reg. 10075 (February 24, 2014). In addition to the six mandatory factors for determining "economic soundness", e.g., the market potential for employment of the vessel over the life of the guarantee, MARAD proposes to add as a contributing factor for Federal decisions to award Title XI loan guarantees "whether approval will help a vessel meet or exceed environmental standards." A copy of the notice is available at: www.gpo.gov/fdsys/pkg/FR-2014-02-24/pdf/2014-03729.pdf.

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