The US Maritime Administration (MarAd) appears to be making progress in the race to overhaul a government-funded programme that provides loan guarantees to owners of tonnage under construction at domestic shipyards.
The organisation is touting the recent approval of Tote Inc’s application for $325m-worth of guarantees as a major milestone for the Title XI Federal Ship Financing Program. But critics are dismissing the development as nothing more than a “small step” in the right direction.
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