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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.


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


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


Responders Monitoring Sunken Tug in Alaska

A Coast Guard Station Juneau 45-foot Response Boat-Medium crew and members of the Sector Juneau response department deploy containment boom around the sunken tug Challenger in Gastineau Channel in Juneau, Alaska, Sept. 13, 2015. The vessel sunk the day before while anchored in the channel. (U.S. Coast Guard photo by Petty Officer 2nd Class Grant DeVuyst)

Alaska's Department of Environmental Conservation and Department of Natural Resources joined Coast Guard Sector Juneau personnel in responding to the tugboat, Challenger, which sank in Juneau's Gastineau channel September 12, 2015. Global Diving & Salvage and Southeast Alaska Lighterage (SEAL) were contracted and have removed all accessible pollution sources and hazards from the vessel. SEAL replaced the boom around the vessel today


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


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.


Insurance Brokers Embrace UK Club Underwriting App

UKPI08.jpg

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


KB Fin Buys Hyundai Securities Stake for $1.1 Bln

Photo: Hyundai Merchant Marine

South Korean banking group KB Financial Group Inc is acquiring a controlling stake in brokerage Hyundai Securities Co Ltd for 1.25 trillion won ($1.09 billion) in a high-priced bet on diversification.   About two-thirds of KB Financial's 2015 net profit came from its banking unit


Abruzzese to Head Quality & Operational Excellence at ABB

Pasquale Abruzzese Photo ABB

Acknowledged expert in the field becomes head of Quality and Operational Excellence at ABB, effective June 6, 2016 ABB has appointed Pascale Abruzzese as head of Group Quality and Operational Excellence. Abruzzese, a British national, is currently Chief of Operations for Philips International


Hyundai Merchant Marine in Doldrums

Photo: Hyundai Merchant Marine Co

 Amid speculation that Hyundai Merchant Marine Co. (HMM) may go into court receivership, the financial authorities and creditors will try to make it a subsidiary of Korea Development Bank (KDB).    South Korea’s finance minister Yoo Il-ho said that HMM


Golden Ocean Names New CEO and CFO

Photo: Golden Ocean

The board of Golden Ocean Group Ltd. announced a pair of leadership appointments, naming Birgitte Ringstad Vartdal as the new Chief Executive Officer of Golden Ocean Management AS and Per Heiberg as the new Chief Financial Officer of Golden Ocean Management AS.  


No Financial Aid for STX Shipbuilding, Say Creditors

Photo by STX Offshore & Shipbuilding Co

 Creditors of financially troubled STX Offshore & Shipbuilding are opposing financial aid for the shipyard citing the gloomy outlook of the shipbuilding industry, Korea’s Yonhap News has reported.   Creditors of STX Offshore, led by the state-run Korea Development Bank (KDB)


Korea to Create $1.2bln Shipping Fund

Photo: Hyundai Heavy Industries

 The South Korean government will create a US$1.2 billion ship investment fund to aid the shipping industry which has been struggling due to decreasing global trade.    A report by South Korea's Yonhap News Agency said the fund will help shippers buy and sell vessels with less


Crowley Scholarships Aid Four UW Students

Pictured clockwise: Kainen Bell, Joshua Banks, Xuan Liao and Maninder Grewal (Photo: Crowley)

Crowley Maritime Corporation recently awarded Thomas B. Crowley Sr. Memorial Scholarships to four seniors studying at the University of Washington’s (UW) Michael G. Foster School of Business. The students, Joshua Banks, Kainen Bell, Maninder Grewal and Xuan Liao


IMO and WCO Partner on e-Business Compendium

Image:  International Maritime Organization (IMO)

 IMO and the World Customs Organization (WCO) have signed a partnership agreement to maintain, update, publish and distribute the IMO Compendium on Facilitation and Electronic Business.    The compendium provides essential guidance and standardised forms for electronic exchange of


DP World Tops Middle Eastern Index

DP World Chairman HE Sultan Ahmed Bin Sulayem

  For the third year running, DP World is the top stock in the S&P/Hawkamah Pan Arab ESG Index. The index is the first ever of its kind in the Arab world and ranks the transparency and disclosure of regional listed companies based on Environmental


Limitless Salvage

Dennis Bryant

Whether driven by treasure hunting or environmental protection, the days of forgotten wrecks, even at great depths, is past. It seems like every month we see reports of long-lost maritime wrecks being discovered on the ocean bottom and treasures being salvaged from great depths


South Carolina Ports to Harness Solar Power

The South Carolina Ports Authority (SCPA) announced plans to bring solar power to the Wando Welch and Columbus Street terminals, making SCPA the largest rooftop solar host in the state.   Two solar panel arrays generating 3.7 total megawatts of electricity will be installed on warehouse


HII Head Gives Up Salary for Educational Fund

Mike Petters (Photo: HII)

U.S. shipbuilder Huntington Ingalls Industries (HII) said it has begun the process of establishing a fund to provide educational assistance for children of HII employees. While details of the educational fund are still being developed, it will be funded annually with HII President and CEO Mike


BOEM Announces Final Rule for Oil and Gas Leasing

The Bureau of Ocean Energy Management’s (BOEM) Final Rule for Leasing of Oil and Gas or Sulfur in the Outer Continental Shelf (OCS) will be published in the Federal Register on March 30, 2016.   The final rule updates and streamlines the existing OCS leasing regulations


SENER Names Jiménez Financial, Administrative Director

Manuel Jiménez (Photo: SENER)

 Engineering and technology group SENER has appointed Manuel Jiménez as the new Financial and Administrative Director of SENER’s Engineering and Construction Division, replacing José Luis Anzola, who has held the position of Corporate Chief Financial Officer of the SENER


India to Double Ports Capacity to 3000 MT

Nitin Gadkari. Pic: PIB

 India is set to double its ports capacity to 3000 million tonnes (MT) by 2025,  the Shipping Minister Nitin Gadkari said.    The capacity of ports stood at 1,500 MT in 2015. He also said that an investment of Rs 60,000 crore will be made in the port sector by May 26 this year






 
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