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US MARAD to fund small shipyards

The U.S. Department of Transportation’s Maritime Administration announced it will make available $9.8 million in Federal funding to support capital improvements and employee training at small U.S. shipyards. The grants, provided through the Small Shipyard Grant Program, aim in a modernization of operations, efficiency improvement and a highly skilled workforce.

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Shipping industry looking to new sources of funding

According to survey by international legal practice Norton Rose Group The shipping sector is looking to new sources of finance in place of bank funding, according to survey by international legal practice Norton Rose Group.While 43% of respondents said that they expect their primary source of funding will continue to come from bank debt over the next two years, 31% said that they expect this would come from private equity and 18% from export credit agencies.Some 42% of respondents to the Norton Rose Group survey believe that a lack of available funding poses the greatest threat to the stability of their business and 40% say that the cost of borrowing is their primary concern.Harry Theochari, global head of transport, Norton Rose Group, says: "The past three years has seen a notable decline in the availability of bank lending to the shipping sector and this has had a considerable impact on many shipping businesses. Shipping companies are now looking beyond traditional forms of finance and are readying their businesses to weather further economic uncertainty over the next 12 months.""The key priority post-2008 has been to ensure secure funding lines are in place. The sector is drawing on the experience of the ...

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