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Financial Responsibility

Alaska Increases COFR Levels

The Alaska Department of Environmental Conservation issued New Financial Responsibility Dollar Amounts for oil spills. The increased levels for which owners and operators of vessels operating in Alaska waters must provide evidence of financial responsibility to obtain COFRs come into effect on October 27, 2002. The levels have been increased by 33.4% over the prior level. Source: HK Law


MARAD – DWP licensing workshop

he Maritime Administration (MARAD) will conduct a Deepwater Port Licensing Workshop in Washington, DC on September 10.  Topics of discussion will include facility security, the role of Adjacent Coastal States, and financial responsibility requirements.


WQIS Prepared for COFR Limit Increase

On July 11, 2006 the President signed into law Title VI of the Coast Guard and Maritime Transportation Act of 2006, which increased the limits of liability for vessels under OPA 90. It also split the tank vessel category into single and double hulls with single hulls having higher limits. Those limits went into effect in 2006. However, the requirement for evidence of financial responsibility required to obtain a Certificate of Financial Responsibility (COFR) was not increased at that point


Unified Command Formed to Oversee Clean up in Long Beach Harbor

A unified command comprised of representatives from the U.S. Coast Guard, California Department of Fish and Game Office of Spill Prevention and Response (OSPR) and Paramount Petroleum Corp. was formed to coordinate the recovery and clean up of oil that was released into Long Beach Harbor this morning. An estimated 100-gallons of crude oil was spilled into the water at berth C-55 in the Port of Long Beach. Contractors hired by Paramount Petroleum Corp


FMC Budget Request

The Administration requests $19.5 million for the operation of the Federal Maritime Commission for fiscal year 2005. Approximately $18.4 million was appropriated for FMC operations in fiscal year 2004. The FMC is a five member independent agency responsible for enforcing international shipping rules and regulations involving carriers (container ship operators), shippers (companies owning goods to be transported), and transportation facilitators such as freight forwarders


Insurance Brokers Embrace UK Club Underwriting App

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The UK Club has launched its “iPANDI” iPad based app to provide up to date underwriting information for members and their insurance brokers, even when on the move. The iPANDI app downloads underwriting data via the Club’s IT systems and presents it conveniently in both graphic and table formats. The data can be viewed off line, for example on planes or away from the office. Security is maintained by a unique licence key to access member information


Coast Guard Authorization Act of 2010

On Friday, October 15, President Obama signed into law the Coast Guard Authorization Act of 2010 (H.R. 3619).  This is the first such authorization act for the Coast Guard since 2006. The statute is lengthy (128 pages) and addresses a wide variety of maritime issues.  This article will attempt to identify those provisions expected to have the most impact or of the most interest.  I have grouped these provisions into broad categories, although there is some natural overlap.


Bollinger Announces Promotions

Bollinger Shipyards, Inc., has promoted and/or assigned new responsibilities to the following members of its management team in order to meet the demands of increased business, new products, expanded services and new technologies according to Donald T. "Boysie" Bollinger, chairman and CEO of the Lockport, La., headquartered shipbuilding and repair company. Mike Ellis has been promoted to executive vice president and chief operating officer of the company


Oil Spill Cleanup Secondary to Fiscal Matters?

In November 1997, Japanese refrigerator ship Kuroshima went aground at Summer Bay near Alaska's Dutch Harbor in heavy weather. A local USCG team was able to rescue only 16 of the ship's 18 crewmembers. Two perished when heavy seas broke over the ship's bows as it was attempting to reset anchors. The vessel was eventually salvaged but USCG investigations have disclosed that it was not a smooth operation. According to the USCG, when immediate efforts to remove the ship from the beach failed


Eagle Bulk Shipping Announces CFO Transition

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) has announced that Adir Katzav, formerly Director of Financial Reporting, has been promoted to Chief Financial Officer. Mr. Katzav succeeds Mr. Alan S. Ginsberg, who has advised the Company of his decision to pursue other professional interests.   To facilitate an orderly transition, Mr. Ginsberg has agreed to oversee a transition of his responsibilities through mid-August of this year. During an 18-year career, Mr


Seacor Holdings Rejig Top Deck

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  SEACOR Holdings Inc.informed that Oivind Lorentzen their Chief Executive Officer has stepped down as Chief Executive Officer, but will continue as a director and non-executive Vice Chairman of the Board of Directors. Charles Fabrikant, Executive Chairman


Ledwidge Named CFO of Irish Continental Group

David Ledwidge (Photo: Irish Continental Group)

David Ledwidge has been appointed to the position of chief financial officer at Irish Continental Group Plc (ICG).   A Member of the Institute of Chartered Accountants Ireland and a Bachelor of Science graduate from Dublin Institute of Technology


Matson to Announce Q4, 2014 Results

Matthew Cox

Matson, Inc. will release its financial results for the Fourth Quarter and Full Year 2014 on Tuesday, February 24, 2015. Matthew Cox, President and Chief Executive Officer, and Joel Wine, Senior Vice President and Chief Financial Officer, will discuss Matson's fourth quarter and full year 2014


Liberian Registry Launches Green Ship Initiative

Scott Bergeron (Photo courtesy: Liberian Registry)

“We have launched a new initiative to help shipowners improve their green credentials and meet other corporate social responsibilities," said Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the registry


Dun & Bradstreet is First SBFE Certified Vendor

Small Business Financial Exchange

 Dun & Bradstreet, the world's most trusted source of commercial data and insight, today became the first certified vendor of the Small Business Financial Exchange, Inc.'s wholly owned subsidiary SBFE, LLC. As an SBFE Certified Vendor™


Polarcus Appoints Starr as Next CEO

Photo: Polarcus

Rod Starr will succeed Rolf Ronningen as Polarcus' next chief executive officer. Following a comprehensive selection process, Polarcus Limited’s board of directors has chosen Rod Starr to succeed Rolf Ronningen as chief executive officer


WOC Sustainable Ocean Summit in Singapore

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  The World Ocean Council (WOC) has announced its 3rd Sustainable Ocean Summit (SOS) to be held on 9-11 November, 2015 in Singapore. The SOS is the only international, multi-sector, business event dedicated to “Corporate Ocean Responsibility”


John Anthony Chamberlain

John Anthony Chamberlain (image: Signal Mutual Indemnity Association)

A Founding Father of Signal Passes Away (December 12, 1940 – January 1, 2015).   It is with great sadness that the Managers of Signal Mutual Indemnity Association Ltd. must report the unexpected passing of John Chamberlain at the age of 74


Swissco's S$ 2.58 mi misappropriated

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  The Board of Directors of Swissco Holdings Limited and its subsidiaries have informed shareholders of the Company that the Group has discovered that an aggregate amount of approximately S$2.58 million was misappropriated from the accounts of the Group over the last 3 years by the VP -


Caterpillar Rejigs Top Deck

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  Caterpillar Inc. today announced the following officer changes effective January 1, 2015:  * Julie Lagacy will become the company’s Chief Information Officer and vice president with responsibility for the Global Information Services Division;


UN's Ban Concerned on Global Warming Action

U.N. Secretary-General Ban Ki-moon, expressing deep concern about slow action to combat climate change, told governments at U.N. talks in Lima on Tuesday there was no "time for tinkering" and urged a radical shift to greener economies.


BIMCO launches the Bunker Non-Lien Clause

  BIMCO has today launched the Bunker Non-Lien Clause, aimed at reducing bunker suppliers’ reliance on ship arrest as a means of resolving claims for bunkers ordered but not paid for by time charterers, often due to bankruptcy.


Stena Bulk Joins World Ocean Council

Stena Blue Sky (Photo courtesy of Stena Bulk)

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime operations to promote the sustainable use of the world’s oceans.   


BHP Billiton Focus on Operation & Productivity

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 * BHP Billiton is now targeting US$4 billion of annualised productivity gains in its core portfolio by the end of the 2017 financial year, a US$500 million increase on previous guidance.  * Improved capital productivity will allow planned investment to be reduced from US$14


Odd Arne Slettebø new CFO of “Noreco”

Odd Arne Slettebø new CFO of Noreco

  Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of






 
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