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• W2489090643 abstract "In 1979, eighteen major U.S. flag liner companies operated in the foreign trades. Today, there are only six, and these companies operate only 120 vessels. The two largest U.S. flag liner operators, President Lines, and Sea-Land, have threatened to withdraw their vessels from the U.S. flag starting in 1995 unless reforms are implemented to help U.S. flag operators compete in world markets. Total revenues earned by the U.S. water transportation industry are nearly $21 billion. Nearly $10 billion in revenues are earned from the movement of freight by water. Over $8 billion in revenues are earned from services incidental to water transportation. More than $2 billion in revenues are earned from the water transportation of passengers. In 1990, the U.S. maritime industry generated over $12.1 billion in balance of payments receipts. This includes over $4.2 billion in export freight and charter hire payments to U.S. carriers by foreign entities. Because there have been no significant numbers of commercial ships for foreign trades recently being built in ship yards, America has had to rely on foreign flag ships and foreign crews to carry the vast majority of its import and export cargoes. In fact, since 1985, foreign flag ships have carried more than 80 percent of the U.S. ocean borne liner trade, and more than 95 percent of our bulk commodities. And, as the number of ships in the U.S. flag fleet decline, so do the number of civilian merchant sea-farers in the active work force. In 1960 the U.S. flag fleet supported slightly over 100,000 active sea-farers. By 1990, these numbers had dropped to about 27,000. The bottom line is that our foreign trade merchant fleet will probably be extinct by the year 2000. For purposes of this paper (research cut-off date September 2, 1992), The authors review the actual requirements that are ostensibly needed to obtain Title XI ship financing, and discuss the current Bills which are tangentially related to this problem. The synthesis of this paper is that even though Congress intended the Merchant Marine Act to foster the development and encourage the maintenance of a merchant marine in the United States for domestic and foreign trade and military support, Title XI, one of the cornerstones of the plan to place American ship owners on a parity with their foreign competitors, by equalizing the higher cost of building ships in the United States and operating them under registry has become a casualty of changing economic policies." @default.
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• W2489090643 date "1992-01-01" @default.
• W2489090643 modified "2023-09-28" @default.
• W2489090643 title "Title XI Loan Guarantees: The Destruction of an Excellent Financial Aid Program for the United States Maritime Industry" @default.
• W2489090643 hasPublicationYear "1992" @default.
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