J.M. Martinac faces foreclosure auction of its yard

JUNE 20, 2014 —  J.M. Martinac Shipbuilding Corporation reportedly faces a foreclosure auction of its Tacoma, WA, shipyard July 18.

The Tacoma News Tribune says that the shipyard needs to find new business "or an angel investor to pay some $415,000 in payments and fees overdue on a $5.4 million loan its owners signed in December 2012." It "also owes Pierce County some $13,429 in property taxes for the last three years."

The newspaper says that the shipyard's last project was the 184 ft long liner Northern Leader, built for Alaskan Leader Fisheries.

During construction of the vessel, says the newspaper, Alaskan Leader loaned Martinac $5,479,000. Now Alaskan Leader is moving forward on the foreclosure action because the overdue payments and the failure to pay taxes on the property puts Martinac in default of its loan agreement.

The shipyard is situated on a six-acre site with two fully enclosed construction ways accommodating vessels up to 260 feet long and 48 feet wide. Each building is served by two, 10-ton overhead cranes to facilitate material handling. The outfitting dock is equipped with a 22-ton tower crane and can accommodate vessels up to 400 feet long and 20 feet deep. Three mobile cranes provide additional support for construction and repair work

Read the News Tribune story HERE