Coastal Towing, Inc. Building Two Towboats, Nine Tank Barges
Coastal Towing, Inc., Houston, has applied for a Title XI guarantee to aid in financing the construction of nine tank barges and two towboats. The applicant is an affiliate of, and will share premises and office facilities with, Coastal Towing, Inc., Springhill, 7790 Braniff, Houston, Texas. The applicant currently owns one of the barges, and all the remaining vessels are scheduled for delivery through September 1979. The barges will be self-unloading vessels with heating coils and self-contained hot oil heating systems. They are being constructed by Nashville Bridge Co., Nashville, Tenn. The towboats will be R O. Box 2343, 271 Harbor Way South San Francisco, California 94080 (415) 873-9393 • TELEX 331419 suitable for inland waterway towing service, with no accommodations for passengers. Verret Shipyard, Plaquemine, La., is the builder.
The estimated actual costs of the vessels total $8,636,330. Approximately $7,500,000 of that amount, representing 75 percent of the costs of the towboats and 87V2 percent of the costs of the barges, will be eligible for the Title XI guarantee.