Last week, Summit won the opportunity to provide the Department of Transportation’s (DOT’s) Maritime Administration (MarAd) with program evaluation of its Title XI Program, which provides financing for vessel construction in support of the U.S. trade economy.
For this engagement, Summit is teaming with Mr. H. Clayton Cook, Esq. and Scully Capital. This team combines Summit's analytical capability and unparalleled Federal Credit program experience with our partners' comprehensive knowledge of maritime tax law and financing. Our goal in this engagement is to ensure that the Title XI Program is best positioned to continue to perform its essential policy goal of financing the construction of the vessels needed for the MarAd American Marine Highways (AMH) program and the renewal of the Jones Act non-contiguous trade (Alaska, Hawaii, and Puerto Rico) fleets.
This engagement also marks a significant expansion of Summit's relationship with DOT. In past years, Summit provided Federal Credit-specific financial statements audit support to various programs within DOT, but has not worked directly with the agency. Our team is proud to have earned this opportunity and we are eager to provide DOT with essential quantitative evaluation and Federal Credit expertise.