Vessel and Shipyard Financing, Regulatory Revision

Transportation Department / Maritime Administration

This interim final rule revises MARAD regulations implementing the Vessel and Shipyard Financing Program (Title XI Program or the Program) financial and programmatic requirements. Specifically, MARAD implements statutory changes, updates the vessel project and shipyard project financing requirements imposed on Title XI Program borrowers, aligns the Title XI Program with modern Federal credit best practices, corrects numerous legal citations, improves accessibility by modernizing text, and removes obsolete references. This rule also streamlines the MARAD Title XI regulations by removing 14 of 34 sections of the existing regulations.