I had suspected as much even before we arrived at Bharakuccha and saw the shipbuilding project.
The Polar 8 Project was a Canadian shipbuilding project based upon a class of 167-metre, 101,000-horsepower, diesel-electric powered high endurance icebreakers intended for the Canadian Coast Guard.
However, in 10 August the state and Wärtsilä Marine announced a financing plan, in which also two Finnish banks were involved, for carrying out the unfinished shipbuilding projects.
Hathaway was hired by a group that included Ralph Kilbourne and Pleasant Armstrong to serve as the carpenter and superintendent of the shipbuilding project.
The Bush administration wants no new money spent on the program, which has helped finance some $6 billion in commercial shipbuilding projects since 1993.
"Title XI loan guarantees were critical to our shipbuilding project," said Cornel Martin, vice president for corporate affairs at American Classic.
The program has enough money to guarantee $420 million more in shipbuilding projects, while 145 projects, valued at $4.7 billion, are seeking guarantees.
The ROK Navy continued to carry out other new shipbuilding projects such as mine sweepers, logistic support ships and amphibious landing ships.
Following the end of World War II, the Admiralty ordered the suspension of many British shipbuilding projects, including the fitting out of Majestic and her five sister ships.
Additionally, shipbuilding projects financed with these loan guarantees have created thousands of new jobs and generated millions in federal, state and local taxes.