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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


IUMI Position Paper on the Offshore Safety Directive

Photo: European Space Agency (ESA)

 Neil Roberts, Manager, Marine and Aviation, Lloyd’s Market Association (LMA), United Kingdom, and International Union of Marine Insurance (IUMI) Ocean Hull Committee Secretary and Political Forum Liaison discuses  about the position paper published by IUMI.  


Orca Energy ESS to Power Fish Farm Support Vessel

All Electric Fish Farm Support Vessel Photo Orca Energy

Grovfjord Mek. Verksted AS (GMV) has selected Corvus Energy as the supplier of the lithium ion based energy storage system (ESS) for a fish farm support vessel called GMV ZERO. GMV will utilize Corvus’ next generation Orca Energy ESS to support the vessel’s entire energy requirements


KVH Promotes Bruun to COO

Brent Bruun (KVH Industries)

KVH Industries has  announced  that Brent Bruun, currently executive vice president of mobile broadband for the company, has been promoted to the newly created position of chief operating officer (COO).   In this position, Bruun will assume direct responsibility for KVH’s


UASC's Dismal Performance

Photo: United Arab Shipping Company

 United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.   The first-time revealed UASC financial figures uncover more than $4bn of debt incurred during a major fleet


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


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.  


TORM CFO Zacho Resigns

Photo: TORM

Mads Peter Zacho, Chief Financial Offer at TORM, has resigned to become Chief Executive Officer at J. Lauritzen A/S. Mads has been with TORM since 2013 and will remain with the company for a transitional period to effect an orderly handover of his responsibilities, TORM said.


STX Shipbuilding Likely to Enter Court-lead Restructuring

Photo: Robert Kunkel

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead creditor Korea Development Bank said on Wednesday. STX Offshore's creditors took control of the company in 2013 after the


Tissot Appointed VP & CFO, Bureau Veritas

Nicolas Tissot, 49, has been the Group Chief Operating Officer and a member of the Executive Committee  Photo BV

Bureau Veritas announces the appointment of Nicolas Tissot as Executive Vice-President and Chief Financial Officer. He replaces Sami Badarani, who has decided to leave the company to pursue new professional opportunities. Nicolas Tissot has solid management and finance experience gained in key


Singapore Shipping Profits Up

Photo:  Singapore Shipping Corporation Limited

 Singapore Shipping Corporation(SSC)'s  net profit increased 7.8 per cent to US$9.6 million for the financial year ended March 31, 2016, compared to the previous year.   Revenue rose 29.4 per cent to US$44.9 million, compared with the same period a year earlier.  


COSCO Rolls Out Shipping Financial Platform

Photo: China COSCO Shipping Co

 China COSCO Shipping Co. Ltd (China COSCO Shipping) officially  inaugurated the company “COSCO shipping Financial Holdings Limited (COSCO shipping Financial) in Hong Kong.   It was former China Shipping (Hong Kong) Holdings, reports Sinocast.  


Countries Must Do More to help Greece with Migrant Crisis - U.N. chief

Ban Ki-moon Secretary-General of the United Nations. Picture un.orgsgbiography.shtml

United Nations Secretary General Ban Ki-moon called on Saturday for countries to do more to help cope with Europe's migrant crisis, saying Greece could not manage on its own. Speaking in Athens before heading to the Greek island of Lesbos






 
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