Ex-Im Bank and the Maritime Administration (MARAD) signed a memorandum of understanding in October 2004, to establish a program offering Ex-Im Bank-guaranteed working capital loans for U.S. companies involved in shipping, logistics and other ocean freight transportation services. Ex-Im Bank also agreed to increase its working capital guarantee from 90 percent to 95 percent for U.S. companies that ship on U.S. flag vessels. Further, Ex-Im Bank and MARAD agreed to raise the minimum threshold for Ex-Im Bank-guaranteed U.S. export transactions that must utilize U.S. flag vessels from $10 million to $20 million. Maritime Administrator Captain William G. Shubert called the agreement "a win for American labor and business, a win for freight forwarders, and a win for U.S. flag carriers."