United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2003-06-30 monographic deposited born digital 56 p. GA 1.13:GAO-03-657 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-657 P0b002ee180385498 f:d03657 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-03-657 machine generated eng fdlp REPORT GAOREPORTS-GAO-03-657 GAO-03-657 Financial management Merchant marine Shipyards Noncompliance Federal law Risk management MARAD Title XI Loan Guarantee Program Other Written Product A07424 Title XI of the Merchant Marine Act of 1936, as amended, is intended to help promote growth and modernization of the U.S. merchant marine and U.S. shipyards by enabling owners of eligible vessels and shipyards to obtain financing at attractive terms. The program has committed to guarantee more than $5.6 billion in ship construction and shipyard modernization costs since 1993, but it has experienced several large-scale defaults over the past few years. Because of concerns about the scale of recent defaults, GAO was asked to (1) determine whether MARAD complied with key program requirements, (2) describe how MARAD's practices for managing financial risk compare to those of selected private-sector maritime lenders, and (3) assess MARAD's implementation of credit reform. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-657/html/GAOREPORTS-GAO-03-657.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-657/pdf/GAOREPORTS-GAO-03-657.pdf GAO-03-657 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-657 Other Written Product GAO-03-657; Maritime Administration: Weaknesses Identified in Management of the Title XI Loan Guarantee Program; Financial management Merchant marine Shipyards Noncompliance Federal law Risk management MARAD Title XI Loan Guarantee Program