which may affect decisions of U.S. and foreign shipowners. The degree to which foreign governments offer tax incentives for financing ship construction is another consideration in international competitiveness. The ability to offer ship acquisition financing through the Title XI program may offer U.S. yards a significant competitive advantage until the new OECD financing agreement is implemented. Ratification of the OECD agreement is the subject of pending legislation in Congress. Title XI allows the financing of a greater part of the shipowner's capitalized cost for a longer period of time at fixed interest rates lower than are generally available through other international ship financing alternatives.

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