Back in February, a report from the U.S. Government Accountability Office (GAO) found, that while the Department of Transportation’s Maritime Administration (MARAD) has about 800 employees to carry out its many missions,
Image: GAO
Back in February, a report from the U.S. Government Accountability Office (GAO) found, that while the Department of Transportation’s Maritime Administration (MARAD) has about 800 employees to carry out its many missions, and is facing staff turnover, high numbers of employees eligible to retire, and vacancies in critical positions. Nowt GAO has turned its attention to a key element of U.S. maritime support: MARAD financial assistance programs.
Those programs, or some revision to them, are likely to be key in delivering on President Trump’s wide ranging executive order on reviving and revitalizing U.S. Maritime.
Here’s what they are:
The Federal Ship Financing Program (Title XI) generally offers loan guarantees for vessel construction at U.S. shipyards. In the last 5 years, the program executed two loan guarantees for two vessel owners totaling nearly $400 million.
The two tax deferral programs, the Construction Reserve Fund Program and the Capital Construction Fund Program, allow vessel owners or operators to defer paying
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