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Thursday, February 02, 2012
Huakai and Alakai transferred to Navy for $35 million
The Navy has just gotten $210 million worth of high speed cats for $35 million. The U.S. Maritime Administration reports that it has now transferred the former Hawaii super ferries Huakai and Alakai to the U.S. Navy and that the Navy provided $35 million to the Maritime Administration for both vessels.
Back in October 2005 we reported shipbuilder Austal USA as saying that the order for the pair had become unconditional following Maritime Administration approval of a $139,731,000 Title XI loan guarantee, or approximately 78.5 percent of a total shipbuilding project cost of $178 million.
That allowed the signing of a $210 million financial closing agreement.
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