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
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
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
‘No man is an island.’ Today, the interconnectivity of business can drive opportunity, but those same interactions can significantly affect us and our businesses. Today’s marine businesses have to manage and prepare for the actions of “the other guy” as much as they
Formerly financially troubled FSL Trust Management (FSL Trust) says in its latest FY 2013 report that it has successfully secured a loan covenant relaxation until 31 December 2014, which they hope will enable them to move forward.
The Federal Maritime Commission (FMC) granted a passenger vessel operator a decrease in the amount of financial responsibility it is required to maintain to reimburse passengers when an operator fails to perform cruises as contracted.
Crowley inform that Scott Hoggarth has been promoted to vice president, West Coast harbor ship assist and tanker escort services. He has assumed new overall responsibilities for marine operations and engineering functions, as well as commercial results for Crowley’s tug services offered in
Huntington Ingalls Industries (HII) announced today that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable on March 14, 2014, to shareholders of record as of the close of business on March 7, 2014. HII will release its full fourth quarter 2013 financial
U.S. Coast Guard Commandant Adm. Bob Papp delivered his final State of the Coast Guard address at Coast Guard Headquarters, St. Elizabeths Campus, Washington, D.C., Wednesday. Papp provided an overview of programs and issues of the last four years and also looked ahead to what the Coast Guard
By Jeb Blount, Reuters Brazil's state-run oil company Petrobras moved to check years of missed targets, soaring costs and rising debt by scaling back near-term investments and setting a limit on long-term growth. Petroleo Brasileiro SA, as Petrobras is formally known
Reuters - Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, posted a 13 percent drop in fourth-quarter net profit on Tuesday. The company made a fourth-quarter profit of 176.5 million Qatar riyals ($48.5 million), down from 203
The Independent Committee of the Scania Board of Directors has begun its work to consider Volkswagen's buyout offer and confirms it has noted that Volkswagen does not foresee any significant changes with regards to Scania and that Scania’s headquarters and its development centers will remain
The ‘A’ rated North P&I club said it achieved another solid year of development ending on February 20, 2014, further consolidating the club’s position as one of the largest and most financially secure members of the International Group of P&I Clubs.
The Nigerian Ship Owners Association, NSA, has informed that some of its members are currently grappling with huge financial indebtedness to some banks, which has been aggregated at over $3billion (N480bn) reports the country's National Mirror.
Green Award for inland shipping said it achieved a milestone on February 17, 2014 when it handed over its 500th nr certificate. Robert Baack, COO of IMPERIAL Shipping Holding GmbH, received the Green Award certificate nr 500 during a festive ceremony on board of the DB Haniel 14 in Duisburg
In their financial statement for the first half ended 31, December 2013, Asia-Pacific offshore AHTS/OSV owners CH Offshore recorded profit after income tax of US$14.099-million, which was 26.8% lower than the profit after income tax of US$19
Maritime & Merchant AS (M&M) (TBR Maritime & Merchant Bank ASA) has received regulatory approval to operate a private bank in Norway, underpinning the firm’s strategy to become a niche financial institution dedicated to meeting the funding needs of owners active in the shipping
Descartes Systems Group is scheduled to report its fiscal 2014 fourth quarter and annual financial results before market open on Thursday, March 6, 2014. Members of Descartes' executive management team will host a conference call to discuss the company's financial results at a.m