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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


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


Kemp Succeeds Semple at Wood Group

Alan Semple, chief financial officer of the Wood Group

  Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to retire and step down from his current role and from the board at the company’s annual general meeting in May 2015


OAO Sovcomflot’s 9M/Q3 2014 Results

  OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014.   Nine months 2014 – Financial Highlights (IFRS accounts) USD


Rowan Appoints Butz CFO

Rowan Companies (NYSE: RDC) appointed Stephen M. Butz as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2014.     Butz joins the company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development


David Smith Appointed CFO of Rolls-Royce

David Smith

  Rolls-Royce announced today that David Smith has been appointed as Chief Financial Officer and a Director of Rolls-Royce Holdings plc. He takes up his new role with immediate effect, replacing Mark Morris who has decided to leave the company after 27 years


Fire-stricken Shipbuilder Enters Voluntary Administration

The Royal Australian Navy patrol boat HMAS Bundaberg caught fire while undergoing maintenance in August (Photo courtesy of the Royal Australian Navy)

Brisbane-based shipbuilders Aluminium Boats Australia Pty Ltd has been placed into voluntary administration after a shipyard fire in August has set the company toward financial instability. The fire, which occurred at the company’s Hemmant dockyard 11 weeks ago


Krishnapatnam Port Wins Seatrade CSR Award

CSR Award Moment - Krishnapatnam Port

Widely recognized for excellence in Corporate Social Responsibility, Krishnapatnam Port Company Limited was declared winner of 2014 Seatrade Maritime Awards in the category Corporate Social Responsibility. The award presentation took place during the  Dubai Maritime Week wherein the annual


Tarabochia Joins EBDG as CFO

Peter Tarabochia

Elliott Bay Design Group hired Peter Tarabochia as its new Vice President, Chief Financial Officer. Tarabochia, formerly of Vigor Industrial, brings more than a decade of experience to his new role as Vice President, Chief Financial Officer


FONASBA Endorses ITIC' s Post-Fixture Clause

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ITIC has recommended that brokers place a post-fixture clause at the end of recap messages to reduce the chances of exposure to severe financial loss as a result of important messages being overlooked. The following wording was endorsed by FONASBA at its recent annual general meeting in


Gazprom to Counter Negative Global Market Trends

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  The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial market for the Russian business entities. It was pointed out that the geopolitical events involving Ukraine as well as American






 
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