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
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.
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
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
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
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
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
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 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
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
Shipbreaking has become commercial due to the recycling of steel becoming a global commodity in demand. This means that the dismantling and recycling of a ship are recognized as part of the value of the ship, which has evolved into a massive challenge for the shipping industry.
Nakilat has announced its financial results for the third quarter ended 30 September 2016, where the Company’s net profit reached QR 749 million compared to QR 757 million for the same period last year. The Board of Directors stated that the company’s strategic long-term
CMA CGM, a leading worldwide shipping Group, announces the appointment of Michel Delville as Chief Financial Officer. Michel Sirat will continue to support the Group on strategic development missions. Michel Delville was Chief Financial Officer of the Saft Group
Drewry’s Z-score carrier financial stress index sunk to its lowest ever point following the first-half 2016 results. After Hanjin’s bankruptcy shippers are demanding more financial transparency from carriers. There is still much work to be done to clean up the logistical chaos
Royal IHC has appointed Arie Vergunst as Chief Financial Officer as of October 1, 2016. Vergunst succeeds Dave Vander Heyde, who became CEO on September 1, 2016. Vergunst has worked at IHC since June 2007 in several financial positions, both at holding level as well as in the business
South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd. The Financial Services Commission said in a statement that Hanjin will soon file for court receivership but that the impact
South Korea’s biggest container shipping line Hanjin Shipping Co has decided to apply for court receivership after lenders halted all support, says a report in Bloomberg. A Reuters report also says that it would file for court receivership after losing the support of its banks
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
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
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
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.
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
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.
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.
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