TOTE wins cash pile

The US government has agreed to provide nearly $325m in loan guarantees to shipowner TOTE.

22 September 2014 19:05 GMT Updated 22 September 2014 19:05 GMT

US Transportation Secretary Anthony Foxx announced the Title XI loan guarantee today, which will pave the way for financing of two LNG-powered containerships at San Diego’s National Steel and Shipbuilding Company (Nassco).

TradeWinds reported in March that the owner’s TOTE Shipholding subsidiary was among top contenders to win loan guarantees from the Title XI programme, which is administered by the US Maritime Administration (Marad).