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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


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


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.


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


Huntington Ingalls Appoints New C & CAO

Nicolas Schuck

  Huntington Ingalls Industries yesterday promoted Nicolas Schuck to the position of controller and chief accounting officer, effectively immediately. He will report to Barbara Niland, corporate vice president, business management, and chief financial officer.


Viking Appoints Hegelund CFO

Ulrik Hegelund

  Viking Supply Ships AB has today appointed Ulrik Hegelund as Chief Financial Officer (CFO). Mr. Hegelund will also act as CFO in Viking Supply Ships A/S, and will take over the responsibilities as CFO in both companies as of 1st September.


NYK Selected for FTSE4Good Index

Photo NYK

  NYK has been selected by the FTSE Group,* a global index provider, as a constituent in the  FTSE4Good Index, marking the 13th straight year that the company has been included in this major yardstick for socially responsible investment (SRI).**


ASL Bags New Shipbuilding Contract

Photo:  ASL Marine Holdings Ltd

 Singapore’s ASL Marine Holdings Ltd said that its wholly-owned subsidiary, ASL Shipyard Pte Ltd  has clinched shipbuilding contracts worth approximately SGD140m ($100m) for the construction of a series of tugs and barges.  


PPG Announces Executive Appointments

Morales Vince

  PG Industries today announced executive appointments effective June 1. Vince Morales, currently vice president, investor relations, will become vice president, investor relations, and treasurer. Morales will report to Executive Vice President and Chief Financial Officer Frank Sklarsky


Executive Changes at Transocean

Jeremy D. Thigpen, President & CEO

  Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately. Mr. Ikaheimonen has also resigned his company-appointed position as the Chairman of the Board of


Teekay LNG Announces Board Changes

Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors.   Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation.  


UN Transforms Business' Commitment to Sustainability

Henrik O. Madsen

  Sustainability is now firmly on the global business agenda, but there is an urgent need to turn words into action. This is a key conclusion in the independent report; “Impact – Transforming Business, Changing the World” prepared by DNV GL on behalf of the United Nations


Twin Disc Elects Knutson CFO, Treasurer

The board of directors of Twin Disc, Inc. has elected Jeffrey S. Knutson to the position of chief financial officer and treasurer effective June 22, 2015 in addition to his current roles as vice president of finance, corporate controller and secretary.   


Team Tankers Appoints Hans Feringa as President and CEO

Hans Feringa. Photo by U.S. Securities and Exchange Commission

 Team Tankers International Ltd has appointed Hans Feringa as new President and CEO. Feringa is the former President of Stolt Tankers, a division of Stolt-Nielsen Limited. He succeeds Jens Grønning, who has left the Company.  


Ensco CFO Jay Swent to Retire

Jay Swent (Photo: Ensco)

Ensco plc announced that EVP & CFO Jay Swent will retire after more than 11 years of service.   Swent will continue to serve in his current role until the succession process has been completed and a new CFO has been named. The completion of the succession process may extend into the


Cosco in Loss, Blames Low Oil Price

Picture: Cosco Corporation (Singapore) Limited

 Cosco Corporation has warned investors of an expected net loss for the second quarter ended 30 June 2015, as against a profit in the previous corresponding period.   The company said the loss is mainly due to the low crude oil prices over recent months which have had an adverse impact


Matson Promotes Gill as Alaska VP

Kenny Gill (Photo: Matson)

Matson, Inc. has promoted Kenny Gill to the position of Vice President, Alaska. In his new role, Gill has management responsibility for all Matson operations in Alaska, including terminal operations, customer service, sales and financial performance of the company's terminals in Anchorage


Sainty Marine Chairman Resigns

Photo by  Sainty Marine

 The chairman of Shenzhen-listed Sainty Marine, Wang Shuhua has delivered his resignation amid  the company's deteriorating financial situation, according to an exchange filing.   Wang, 48, took the helm as the president by the controlling shareholder of Sainty Marine


MOL Membership of FTSE4Good Index Continues

FTSE4Good

  Mitsui O.S.K. Lines, Ltd. today announced that the company continues to meet the inclusion criteria and remains a valued member of the FTSE4Good Index Series: the world's major Environmental Social and Governance (ESG)/Responsible Investment (RI) index (MOL have been selected since 2003)






 
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