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Class Action

Trimble Settles Class Action Lawsuit

Trimble announced the settlement of the securities class action lawsuit filed on December 6, 1995 against the company and certain of its current and former officers and directors. The final court-approved settlement was funded by insurance proceeds and payment by the company of $1.8 million. The entire amount of the company's obligations was previously reserved. The settlement will not adversely affect Trimble's financial results.

Trailer Bridge Dismissed from Antitrust Suit

Trailer Bridge, Inc. announced that in a non-final order of the court, the company has been dismissed with prejudice against the named plaintiffs from a lawsuit seeking class action status related to alleged anti-competitive activity in the Puerto Rico marine trade.  In an April 30, 2010 ruling by non-final order, the United States District Court for the District of Puerto Rico granted Trailer Bridge’s motion to be dismissed with prejudice from the lawsuit.

Horizon Lines Acknowledges Suit

Horizon Lines, Inc. announced on Jan. 2 that it has been named as a defendant in a securities class action lawsuit in the United States District Court for the District of Delaware purportedly on behalf of purchasers of the Company's common stock during the period from March 2, 2007 through April 25, 2008. The Chief Executive Officer of the Company, as well as several former employees of the company, were also named as defendants.

NYK Set to Defend Canada Price-fixing Lawsuit

NYK Line (Canada) Inc. (CA) has received notice of a class action civil complaint filed against them along with several other ocmpanies on July 4, 2013. NYK Group have also been informed that they are named defendants in the suit served on CA and will likely be named in other suits with CA. 1. Background to the Lawsuit The lawsuit was filed to seek compensation for alleged damages, injunctive relief and other relief alleging a conspiracy to fix price of services for the ocean transportation

Horizon Lines to Settle Merger Litigation

Horizon Lines, Inc. announced it has reached an agreement in principle providing for the settlement and dismissal, with prejudice, of the consolidated putative class action complaint pending in the Delaware Court of Chancery in connection with Horizon's proposed merger with Matson Navigation, Inc., a subsidiary of Matson, Inc. Pursuant to the settlement with plaintiffs, which is subject to Court approval, Horizon agreed to make certain supplemental disclosures to Horizon's stockholders

Tidewater Reports 2Q Results

Tidewater Inc. announced second quarter net earnings for the period ended September 30, 2007, of $86.5 million, or $1.56 per common share, on revenues of $319.0 million. For the same quarter last year, net earnings were $104.2 million, or $1.86 per common share, on revenues of $274.0 million. The immediately preceding quarter ended June 30, 2007, had net earnings of $87.5 million, or $1.55 per common share, on revenues of $305.5 million.

BP Wins One US Court Ruling, Loses Another Over 2010 Gulf Spill

U.S. Coast Guard photo

A U.S. appeals court said BP Plc, which in July reached a $18.7 billion settlement of federal, state and local claims over the 2010 Gulf of Mexico oil spill, must face one of two proposed class-action lawsuits claiming that the oil company defrauded shareholders over the disaster.   The 5th U.S. Circuit Court of Appeals in New Orleans said investors who bought BP's American depositary shares in a 33-day period soon after the spill may pursue group claims that BP initially

Timeline: BP Oil Spill Litigation

Boom in use around the port of Bayou La Batre, Alabama - May 2010 (Photo: BP)

BP Plc was found "grossly negligent" on Thursday by a federal judge in connection with its role in the 2010 Gulf of Mexico oil spill. The decision by U.S. District Judge Carl Barbier in New Orleans, who oversees litigation related to the disaster, is likely to boost the British oil company's costs emerging from the biggest offshore spill in U.S. history. April 20, 2010 Rig Explodes: An explosion on the Deepwater Horizon oil rig at the Macondo exploration well kills 11 workers

Australia Maritime Museum Calls ‘Action Stations’

Artists impression of the Immersive Cinema Experience: drama, danger and suspense on the big screen with a pumping soundtrack to set the scene. (Image: Australian National Maritime Museum)

The Australian National Maritime Museum’s new “Action Stations” attraction officially opened in Darling Harbour, Sydney, on Sunday, offering guests a uniquely dynamic “Immersive Cinema Experience”.   The $12 million (AUD ) Action Stations attraction, located in a new waterfront pavilion, highlights the history of the Royal Australian Navy (RAN) and its people, the various periods of engagement from World War I to the present day and brings to life the human

Washington State Ferry Tacoma Returns to Service

M/V Tacoma (Washington State Department of Transportation)

Washington State Ferry M/V Tacoma will return to work on the Seattle/Bainbridge Island route starting March 28 after suffering electrical damage last summer.   The Tacoma lost power and suffered significant damage to its electrical switchboard system transiting from Seattle to Bainbridge Island in July 2014, requiring ferry maintenance workers, engineers and contractors to spend eight months inspecting and rebuilding the system

Container Shipping Industry Calls for Climate Action

Pic: Business for Social Responsibility

 Members of BSR’s Clean Cargo Working Group (CCWG) have agreed on a climate action statement and call to action for the container shipping sector and its value chain to support private-sector contributions for the global goals on climate change.   

Russia to Lease Second Submarine to India

Photo: Weapons Systems

 Russia has agreed to lease a second nuclear attack submarine (SSN) to  to the Indian Navy, as part of enhanced bilateral defence cooperation, in a deal which will cost around $2 billion.   A transfer agreement had been signed to lease a second nuclear submarine of project 971

Rickmers’ Investors Demand Prompt Bond Repayment

Photo: Rickmers Maritime

 Singapore-based shipping trust Rickmers Maritime announced that it has already received a letter from lawyers representing a group of bondholders demanding for the immediate payment of their share of  bonds, reports Bloomberg.  

USN to Commission Destroyer Zumwalt

Destroyer Zumwalt (DDG 1000) Photo USN

The Navy will commission the destroyer Zumwalt (DDG 1000), Saturday, Oct. 15, during a 5 p.m. EDT ceremony in Baltimore, Maryland. The ship is named in honor of Adm. Elmo R. "Bud" Zumwalt Jr., former chief of naval operations (CNO) from 1970 to 1974

SSI: IMO, Member States must Cut GHG Emissions

Sustainable Shipping Initiative (SSI) is an ambitious coalition of shipping leaders from around the world Photo SSI

The Sustainable Shipping Initiative (“SSI”), a pioneering coalition of companies from across the global shipping industry, today set out what it believes are the required immediate actions for creating a framework to reduce Greenhouse Gas (GHG) emissions from shipping.   

Swissco Unable to Make Coupon Payment

Photo: Swissco Holdings

 Singapore-listed offshore firm Swissco Holdings could not pay out a $2.85 million coupon due next Friday and had no plans for its next course of action, says a report in Straits Times.   Bond holders who had each sunk about $250

Saab Inks RBS15 Mk3 teaming Deal with MESKO

RBS15 Mk3 Photo SAAB

Defence and security company Saab has signed a teaming agreement with the Polish defence company MESKO, a member of Polish Armament Group (PGZ), for the long-term maintenance and support of the Polish Navy's RBS15 Mk3 surface-to-surface missile system.

Future USS Zumwalt Heads for Baltimore

File photo: Zumwalt departs from Naval Station Newport, R.I. September 12, 2016 following its maiden voyage from Bath Iron Works Shipyard in Bath, Maine. (U.S. Navy photo by Haley Nace)

The U.S. Navy's newest warship, the future USS Zumwalt (DDG 1000), has left Naval Station Norfolk for Baltimore, Md., where it will be commissioned into active service on October 15 during Fleet Week Maryland.   Originally slated to sail from Norfolk on October 9

Global Submarine Battery Market Growth at 5.28%

Photo: SEC

 The global submarine battery market to grow at a CAGR of 5.28% during the period 2016-2020, says Global Submarine Battery Market 2016-2020 report by Research and Markets.   Global Submarine Battery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs

Trelleborg Bears Weight of Largest Ever Offshore Facility

Shell’s Prelude FLNG (Photo: Shell)

Trelleborg’s engineered products operation has supplied a selection of bearing solutions for the world's first floating liquefied natural gas (FLNG) project – Shell’s Prelude FLNG.   Trelleborg has manufactured and delivered 52 vertical elastomeric bearings and 156

Foss Maritime: Hard at Work in the Arctic

Glacier Wind in Cook Inlet (Image courtesy of Foss Maritime)

As the oil industry awaits a much-needed rebound, Foss Maritime’s robust presence in the Arctic region underscores its commitment to the region, the environment, and a business plan that looks ahead to the next chapter.   Reports of the death of commercial Arctic activities have been

What the Heck is ‘Privity’?

Photo: NTSB

Is the Limitation of Liability Act Still Relevant?   In the aftermath of the El Faro disaster, that vessel’s owners exercised their right to file a petition to limit their liability in accordance with the U.S. Shipowner’s Limitation of Liability Act, 46 USC §30501, et seq

Energy Action Month Reinforces Navy's Energy Resiliency

A U.S. Navy graphic provided by the Chief of Naval Operations Energy and Environmental Readiness Division for Navy Energy Action Month. (U.S. Navy photo Release)

Through a presidential proclamation, October has been designated as Energy Action Month to stress the importance of energy for our nation's economic vitality today and for a sustainable future. The Department of Navy's Energy Action Month theme for 2016 is "Power. Presence

Governments Spur Crackdown on Sea Pollution

File photo: Robert Hendry

Governments at the recent meeting of Parties which regulate the dumping of wastes at sea have called for more action to address marine litter in the oceans, particularly plastics and microplastics, which present a severe and long lasting threat to the marine environment.  

Naval War College Professors Testify on State of South China Sea

Subi Reef (Photo: CSIS Asia Maritime Transparency Initiative/DigitalGlobe)

The House Armed Services Committee (HASC) invited two U.S. Naval War College (NWC) faculty members to testify in Washington, D.C. on understanding and countering China's growing maritime concerns.   Andrew Erickson, professor of strategy in the China Maritime Studies Institute (CMSI)

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