21 Nov 2019
SAFETY: Dollars & Sense
Make a Profit with a Safety Management System (SMS).Organizations in the maritime industry act no differently than any other successful global business unit. Major decisions are made with a certain underlying commitment – a commitment to customers, stakeholders and employees. That commitment can be oversimplified by stating the obvious, to generate revenue, but more specifically generate profits. Without profits, the company will not only fail to thrive, but will fail to survive.
12 Dec 2018
2018 Green Apple Spill Exercise
Committed to providing tugboat and towing vessel operators with a platform to meet regularity requirements and collaborate with local resources, the annual event also reminds us that Proper Planning Prevents Poor Performance.On September 28 2018, American Marine Associates, LLC (AMA) coordinated and hosted the 3rd annual Green Apple Spill Response Exercise in Bayonne, NJ. The Green Apple Spill Response…
25 Sep 2018
Maritime Response Services & Non-Tank Vessel Response Plans
Avoiding Potential Pitfalls and HeadachesThe summer of Sub M may be over, but the heat remains for the tugboat and towing vessel industry operating under the July 20th regulations. Owner & Operators are faced with daily challenges to continually sustain and build their businesses. As with any new regulation, there is a period of learn-ing and, even more so, interpretation by industry and by those enforcing regulations.
02 May 2018
Last-minute Tips for Subchapter M
Countdown to Subchapter M: Last-minute tips for choosing the USCG or TPO/TSMS option ...Subchapter M will finally be implemented in the tugboat and towing industry in only a few short months. It has taken over ten years to arrive, but the build-up and in some cases, hysteria, can only be compared to the Y2K scare at the end of 1999. During that period, the world said Y2K would cause computer crashes…
29 Dec 2016
Energy, Finance & the GoM
Some positive market indicators could presage an investment revival in the U.S. Gulf of Mexico – and beyond. The good news, reported by Bloomberg, is that in the third quarter of 2016, the largest oil companies increased cash from operations by nearly $26 billion. This reflects a 67 percent increase from the previous quarter and more than twice the amount of the first quarter of 2016. Exxon Mobil, Royal Dutch Shell…
29 Jan 2016
Searching for a Better Way
Financing the Municipal, Tax-Exempt Workboat Sector. Poring over any of the many marine publications that seemingly arrive daily in your mailbox or inbox, you can get an idea of the depth and breadth of the current state of U.S. commercial marine vessel shipbuilding. Given the tumult in the oil market and the number of cancellations of vessels previously on order, it can safely be said that things certainly have looked better.
26 Oct 2015
Learn a Lasting Lending Lesson
Two key lending practices and today’s workboat market conditions collide on the waterfront. Which course you choose depends on where you sit. Unless you are involved with your company’s borrowing and credit issues, you may not be well versed in the two principal types of commercial lending. Asset based Lending (ABL) and Cash Flow Lending (CFL) – the cornerstones of commercial credit – are also, in most respects, as different as night and day.
13 Jul 2015
Money Laundering: Not Just for Drug Cartels Anymore
The dirty money can and does wash ashore on the waterfront. Despite all the jokes about having a washing machine full of soapy hundred dollar bills, the U.S. Government takes money laundering very, very seriously. Anti-Money Laundering (AML) laws include substantial fines and possible prison time and places the onus for recognizing and reporting money laundering squarely on the shoulders of financial institutions.
08 Jan 2015
A Commercial Marine Lender and Lessor’s Lexicon
We are often “not aware of what we do not know.” Nowhere is that adage more appropriate than in the world of marine finance, especially for the smaller workboat operator. Lost amidst the sometimes confusing language and ‘mumbo-jumbo’ that lenders and lessors use in describing their sometimes arcane products, it is a fact that, often, ‘the devil is in the details.’ Therefore, it never hurts to review what we think we might already know.
23 Jun 2014
Anatomy of a Commercial Marine Lender
Three things: experience, experience, and … experience. It’s a very familiar scenario: And, if you are the CFO, controller, president or other financial manager…
06 Mar 2014
Beating the Bye-Bye Bonus Blues
A changing tax landscape doesn’t have to mean bad news – at least not just yet. Historically, bonus depreciation has had a significant effect on construction of new vessels…
29 Jan 2014
Loan Options for the Marine Industry
As we launch into 2014, the domestic waterfront continues to fire on all pistons; boatbuilding, charter rates, utilization of tonnage, and so much more. That kind of momentum…
17 Oct 2013
Keeping up with the Jones (Act)
The continued existence of the Merchant Marine Act of 1920 carries with it substantial economic and financial benefits. Its repeal could be catastrophic. The three-legged stool commonly referred to as the Jones Act is officially known as the Merchant Marine Act of 1920. For the purposes of national defense and growth of domestic commerce, it most simply calls for the waterborne transport of cargo and/or passengers between U.S. ports to be limited to U.S. flagged vessels.
26 Nov 2012
Richard Paine explains why depreciation is a very specialized section of the tax laws, especially when it comes to your fleet assets. The Great Lakes Towing tug…