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TOTE secures financing for Marlin Class LNG vessels

LNG Industry,

The US Maritime Administration (MARAD) has announced a US$ 324.6 million loan guarantee for TOTE Shipholdings and Saltchuk Resources for their Marlin Class vessels.

The two new Marlin Class vessels, the world’s first LNG powered containerships, will serve the Puerto Rico trade and will be complete in 2015 and 2016.

Shipbuilding technology

This financing is made available under the Title XI Loan Guarantee Program. TOTE and Saltchuk qualified for this loan as the new ship build is an advancement in shipbuilding technology and being constructed at a US shipyard. The new containerships are being built at General Dynamics NASSCO in San Diego, California.

The Marlin Class vessels set new standards for environmental responsibility, reducing a number of air emissions including particulate matter, sulfur oxides and nitrogen oxides.

“This financing from the US Department of Transportation and MARAD enables TOTE to invest in modern technology that will create jobs, reduce our impact on the environment, and ensure a safer and healthier workplace for our employees,” commented Anthony Chiarello, President and CEO of TOTE.

TOTE CEO Anthony Chiarello with MARAD Administrator Paul ‘Chip’ Jaenichen and others from MARAD.

General Dynamics NASSCO will employ over 600 skilled workers for the construction of the two Marlin Class vessels. Both vessels are currently being built and the first ship is more than 50% complete.

“The shipbuilding industry contributes more than US$ 36 billion to our national economy, creates jobs, and strengthens local economies,” noted MARAD Administrator Paul ‘Chip’ Jaenichen.

Adapted from press release by Katie Woodward

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