The Federal Maritime Commission (FMC) issued an order stating that, under the Shipping Act of 1984 and its implementing regulations, a licensed ocean transportation intermediary (OTI) may not use unlicensed and unbonded agents to provide non-vessel-operating common carrier (NVOCC) and ocean freight forwarder services to the public. The OTI had petitioned for a declaratory order allowing such an exception, citing the evolving business conditions. The majority of the Commission denied the petition, noting that it is not aware of any legislative history or case law that would indicate the Congress intended to distinguish between persons would act as OTIs (and must be licensed and bonded) and persons who provide OTI services (and could avoid the license and bonding requirements). One Commissioner dissented, arguing that, at the very least, the FMC should examine the issue in greater depth and seek public comment. Docket No. 06-08 (HK Law).
The White House said on Tuesday there has been no change in the U.S. ban on crude oil exports, responding to a question about whether an impending change might be behind price moves in oil markets. "There has been no change in regulations regarding crude oil exports," White House spokesman Josh Earnest said, noting the Commerce Department was in charge of export regulations. "I'm not going to speculate about any sort of policy change that may or may not be
Slovenian shipping firm Intereuropa fell over four percent by midday trade on Wednesday amid fears that the government may not approve its proposed merger with port operator Luka Koper. At one point during the day, shares of Intereuropa were down 4.58 percent at 2,480 tolars ($13.03) on volume of 5,526 shares, although the company earlier in the morning reported a 24 percent in group nine-month net profit. Traders said there was no explanation for the drop other than the possibility that
The Environmental Protection Agency (EPA) issued a notice stating that, effective June 1, refiners will begin producing low-sulfur diesel fuel for use in ships. Initially, the sulfur content may not exceed 500 parts per million (ppm). The eventual goal is a maximum sulfur content of 15 ppm. Source: HK Law
Trico Marine Services, Inc. announced today the pricing of its previously announced private offering of $250.0 million aggregate principal amount of 8 7/8 % Senior Notes due 2012. The notes were priced at 99.196 to yield 9.0% Trico Marine expects to use the net proceeds of the offering of the senior notes due 2012 to purchase its existing 8 1/2% senior notes due 2005 pursuant to an outstanding offer to purchase such notes and to pay related fees and expenses.
Newport Beach to Ensenada boat race entrant 'Aegean' destroyed, 4 dead, may not have been seen by larger vessel Coast Guard investigators working to determine what caused the destruction of the 37-foot sailboat off the Mexican coast, consider that there's a possibility that no eyewitnesses remain. All four crew members of the Aegean were killed. And based on the level of destruction — small pieces of the boat were found spread over a wide area — it may be no one aboard the
The Tokyo MOU (Memorandum of Understanding) on Port State Control issued a Notice stating that, effective 1 January 2005, it is establishing a Detention Review Panel. The purpose of the Panel is to review, at the request of a flag state or recognized organization, specific port state control inspections undertaken by Tokyo MOU members. If the views of the Panel support the flag state or the recognized organization, the port state will be requested to reconsider its decision
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 53 points to 5,284. "Owners have been keen to get their vessels fixed well before the office Christmas party to keep them trading over the festive period, which has been gratefully grasped by charterers who got the discounts they desired," SS&Y said. "This may not be the case in January when the balanced positional market will have little encouragement for owners to discount asking prices
The North American Emission Control Area (ECA) under MARPOL Annex VI will become enforceable on 1 August 2012 On the operative day the sulfur content of the fuel oil used on board ships operating within the ECA may not exceed 1.00 percent m/m (10,000 ppm). Ships will be required to maintain and, if requested, make available to Port State Control authorities: • Bunker delivery notes (for vessels 400 gross tonnage and above)
We all can agree that the safety of our employees is critical; if not the most important concern of each of our companies. Our marine-based employees face day-to-day perils that are not encountered by the average American office worker. It is our duty to do everything that we can to ensure that each of our employees returns safely to his or her family once their hitch is over. Our industry has made great strides in improving safety over the years by utilizing improved training programs
Hunter Maritime Acquisition Corp. announced the commencement of its initial public offering of 15,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A common share of the company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one
An informational seminar will cover “everything ballast water”, from regulations and implementation requirements under the U.S. Coast Guard regulations to the IMO Ballast Water Management Convention. The one-day symposium, to be held by Hyde Marine on November 28 in conjunction with
Most of the U.S. coal industry doubts Donald Trump can fulfill his promise to make the ailing industry great again in a country awash in dirt-cheap natural gas, a competing fuel. But a small sub-section of the coal sector that mines metallurgical coal - a variety used by steel makers instead of
In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016. The term sheet has been drafted as a short and simple standard for
Gibson tanker report says that as owners head back to work after their summer breaks, many will no doubt have to do some serious thinking as we approach the final quarter of 2016. "Last summer we were reporting about the orderbook swelling
A lawyer for Hanjin Shipping Co Ltd , the failed South Korean container carrier, said on Thursday a U.S.-bound vessel was held "hostage" by disputes over payments, adding to the struggles in getting $14 billion of cargo off its ships stranded at sea.
Professional mariners know the life-threatening hazards of falling overboard, but may not consider how critical the recovery window is, especially with a moving vessel. Compact and easily carried on a PFD, the ALERT2 Man-Overboard Alarm System from Emerald Marine Products immediately sets off
Nor-Shipping invites the next generation to find solutions to this generation’s challenges through its unique ‘Problem to Profit’ initiative. The leading global maritime event week, taking place in Oslo and Lillestrøm, Norway, from May 30 to June 2, 2017
The report by Global consulting company McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME.
Independent study demonstrates that ABB’s Preventive Maintenance model for turbochargers achieves significant cost and operational benefits ABB announced study results which show a 202% return on investment (ROI) from using ABB Preventive Maintenance
The bankrupting container operator Hanjin Shipping Co. is shedding half of its ground workforce and may ax equally that many of the crew on deck as the bankruptcy court is out to sell most of ground and sea assets, according to the Pulse.
The Liberian Maritime Administration is to introduce a proposal to the meeting of the IMO Marine Environmental Protection Committee (MEPC70) in London on 24 October to allow certain ships additional time beyond 2020 to install adequate ballast water management systems as required under the Ballast
A U.S. navy destroyer sailed near islands claimed by China in the South China Sea on Friday, drawing a warning from Chinese warships to leave the area. The U.S. action was the latest attempt to counter what Washington sees as Beijing's efforts to limit freedom of navigation in the
In the containership market today, Panamax sector, the charter rates rest at rock-bottom rates and the fleet is in steady and perhaps terminal decline, with scrapping at record levels. Is the battle now lost? A report by Clarksons Research.
Liberia is leading a move to amend the Ballast Water Management Convention (BWMC) which will allow certain ships additional time beyond 2020 in order to ensure that adequate new ballast water management (BWM) systems are commercially available