USD 324 Mln Secured for World’s First LNG Powered Containerships

A USD 324.6 million Title XI loan guarantee has been approved to TOTE Shipholdings to finance the construction of two container ships that will utilize liquefied natural gas (LNG) as propulsion
fuel, U.S. Transportation Secretary Anthony Foxx announced on Monday. The Title XI Loan Guarantee program promotes the growth and modernization of U.S. shipyards and the U.S. merchant marine by ensuring the U.S. vessels are manufactured in U.S shipyards by U.S. workers. “This is proof-positive that when we work to build America’s green energy economy, we can directly support the creation of meaningful jobs, supporting the President’s goal to strengthen America’s middle class,” said U.S. Transportation Secretary Anthony Foxx.

“This one action significantly decreases emissions, supports jobs from one coast to the other, bolsters the nation’s manufacturing base, and continues growing our economy.” The vessels will be constructed at National Steel and Shipbuilding Company (NASSCO) in San Diego, California. Construction of the vessels will generate 600 jobs at NASCCO, and once in service, the two new vessels will provide for 60 new U.S. merchant mariner jobs.