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Settlement Reached

U.S. DOJ: Pollution Settlement Nets $1 Million

$1 Million Settlement Enhances Land and Sea in the Eastern District of Texas.   BEAUMONT, Texas — U.S. Attorney John M. Bales announced a settlement reached with a European shipping corporation has resulted in significant enhancements to nature conservation groups in the Eastern District of Texas. The $1 million settlement was announced at a press conference on the banks of Village Creek in Hardin County, Texas today.  CIMPSHIP Transportes Maritimos, S.A., a Portuguese corporation headquartered in Funchal, Portugal, was initially indicted in 2010 and charged with conspiring to violate environmental laws causing willful pollution of waterways within the Eastern District of Texas.     According to the indictment, CIMPSHIP owned the Niebla, a 38,000 ton ocean-going ship which was operated as a bulk-freight carrier transporting bulk cargo from various ports in the Gulf Coast including Port Arthur, Texas.  It is alleged that from Mar. 2008 through Aug. 2009, Niebla crew members failed to maintain an Oil Record Book as required by federal law.   A settlement agreement was reached between the government and CIMPSHIP in which CIMPSHIP agreed to pay a $1 million community service payment to be used for local conservation efforts in lieu of prosecution.  Federal statutes authorize such settlements to Congressionally-approved Foundations.  


Tug Company to Pay Nearly $1M for Seagrass Damage

Great Lakes Dredge and Dock Company of Oak Brook, Ilinois will pay nearly $1 million for damages to seagrass and other resources in the Florida Keys National Marine Sanctuary, the Justice Department and the Commerce Department's National Oceanic and Atmospheric Administration (NOAA) announced today. The $969,000 settlement reached on behalf of NOAA and the State of Florida is the largest ever obtained for damages to seagrass in the sanctuary


LHWCA Settlement Unenforceable

The U.S. Court of Appeals for the Ninth Circuit ruled that a written settlement agreement involving a claim under the Longshoremen and Harbor Workers’ Compensation Act (LHWCA) is unenforceable unless actually signed by claimant. In the instant case, plaintiff’s decedent had filed a claim under the LHWCA. His attorney reached a settlement with the employer’s attorney, which was reduced to writing. Plaintiff’s decedent reviewed the document and approved it, but died before actually signing it


FMC, Transpacific Carriers Settle

Federal Maritime Commission Chairman Steven R. Blust announced yesterday that the Commission has entered into a settlement agreement with the major ocean carrier agreements and their members who serve the inbound waterborne U.S. trades with Asia, including the Transpacific Stabilization Agreement (TSA), and two TSA-related bridging agreements. The settlement addresses carrier practices investigated in the Commission's Fact Finding Investigation No


Stolt Offshore Settles Hubline Claim Out of Court

Stolt Offshore S.A. announced that following suspension of the arbitration proceedings that it had previously initiated, an out of court settlement of all outstanding claims relating to the Duke Energy/AGT Hubline project in the USA had been reached. The cash related to this claim has now been received. Tom Ehret, Chief Executive Officer of Stolt Offshore, said, "The settlement of the Hubline claim, which is in line with provisions


ENSCO Completes Financing Facility

ENSCO International Incorporated announced the closing of a new $195 million loan facility guaranteed by MARAD. The facility will be used to finance the ENSCO 7500 semisubmersible drilling rig currently being constructed for ENSCO by Friede Goldman Offshore. The rig is scheduled to commence drilling operations for Burlington Resources during the fourth quarter of 2000. The MARAD guarantee covers both interim financing during the construction period as well as 15 year bonds to be issued upon


Star Bulk Receives $24.3M for Star Ypsilon Settlement

Star Bulk Carriers Corp. (NASDAQ: SBLK), announced that the claim involving the vessel Star Ypsilon has been settled. Under the settlement, the Company has received the amount of $22.22m as settlement for the unrealized revenues due to the interruption of the time charter of  the Star Ypsilon that occurred in July 2009.  Star Bulk received separately the amount of $2.08m for unpaid charter hire, bunkers and interest, bringing the total amount collected to $24


EU Takes South Korea to WTO

The European Commission has requested the World Trade Organisation (WTO) to set up formal consultations under its Dispute Settlement mechanism over the unfair Korean shipbuilding practices. This decision has been taken further to the failure to reach an amicable solution to this long-standing dispute by September 30, 2002. EU Trade Commissioner Pascal Lamy said: "The lack of progress in our bilateral discussions so far has left us with no option but to take Korea to the WTO


Royal Caribbean, Rolls-Royce Pod Settlement

Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) and Rolls-Royce announced that they have reached a suitable and amicable resolution to the lawsuit regarding the Mermaid pod-propulsion system on Celebrity Cruises’ Millennium-class ships.   When they were first designed and implemented, podded propulsion was a significant technological advance over traditional shaft propulsion, but it experienced a number of technical issues in the early years of use


OSG Named as Co-defendant in Indictment

Overseas Shipholding Group, Inc. was indicted on July 19, 2006 by a federal grand jury in Beaumont, Texas for alleged violations of law concerning maintenance of books and records with respect to the handling of waste oils on the Pacific Ruby, one of the company's wholly-owned Aframax vessels. OSG was named as a co-defendant in a superseding indictment of the chief engineer on the Pacific Ruby, who was first charged on May 17, 2006


Mitsui Pays $40 Mln Compensation After Seizure

  Japanese shipping firm Mitsui O.S.K. Lines Ltd has paid about 4 billion yen ($39 million) in settlement to China as compensation stemming from a wartime contractual obligation, following a seizure of its ship by a Chinese maritime court in Shanghai


Calculating Settlement Value of a Case

Thomas H. Belknap, Jr.

It has been said that war is politics by other means.  It is probably equally true that litigation is business by other means.  On the one hand, the threat of litigation – and the resulting costs, inconvenience and uncertainty – will often compel parties to resolve their


BP Spill Compensation Battles Rage On

BP pays billions in compensation but some claims still unpaid; Oil still appearing on beaches in Gulf of Mexico. Company says claims process is flawed, not all oil from spill. Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana


Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.   Jules Melancon, the last remaining oyster fisherman on an island dotted with colourful


Anglo American seeks compensation from Venezuela

 Anglo American is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancellation of mining concessions by late president Hugo Chavez's government.   The World Bank's International Center for Settlement of Investment Disputes (ICSID) said on its website the


Agreement Reached on Hong Kong Pellet Spill

A volunteer collects plastic pellets washed up on a bank of Lamma Island during a cleanup operation in Hong Kong (AP Photo/Kin Cheung)

Regarding the massive spill of polypropylene plastic pellets into the Hong Kong waters from a cargo ship during typhoon Vicente in July 2012, and following active negotiations amongst the parties concerned, a Hong Kong Marine Department spokesperson said a settlement agreement was reached for a


Coal Prices Lower on Sluggish Demand

European physical coal prices were lower on Monday afternoon on sluggish demand and as continuing over-supply weighed on prices. Cargoes for delivery in May to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were valued at around $73.20 a tonne


Kuwait's oil output capacity rises to 3.3 mln bpd - KPC

Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3


Euro Coal Prices Rise after Pause in Trading

European physical coal prices for May were slightly higher on Friday afternoon in the first trade since Monday as traders said coal prices had probably reached a floor. Cargos for delivery in May to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were trading at $77.30 a metric ton, up $0


Boskalis Posts Record Net Profit in 2013

Image courtesy of Boskalis

Royal Boskalis Westminster N.V. (Boskalis) reports an increased revenue of EUR 3.5 billion in 2013 (2012: EUR 3.1 billion). Net profit rose sharply to EUR 366 million (2012: EUR 249 million), partly due to a number of extraordinary items amounting to EUR 97 million post tax


SFL Acquires Two Containerships, Settles Bulker Claim

Ship Finance International Limited (SFL) has announced the agreement to acquire two 5,800 teu post-panamax container vessels built in 2001/2002 in combination with long-term charters. The vessels are expected to be delivered to SFL over the course of the next few weeks


Two Ocean Shipping Companies to Pay $3.4M

DOJ.jpg

Sea Star Line LLC and Horizon Lines LLC have agreed to resolve allegations that they violated the False Claims Act by fixing the price of government cargo transportation contracts between the continental United States and Puerto Rico, the Department of Justice announced today


US Appeals Court, Says BP Bound by Gulf Spill Accord

By Jonathan Stempel, Reuters A divided U.S. appeals court has rejected BP Plc's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster. By a 2-1 vote, the 5th U.S


Stolt-Nielsen Completes Bond Issues

Photo: Stolt

Stolt-Nielsen Limited announced today the successful placement of senior unsecured bonds in a total amount of NOK 1,250 million (approximately $207 million USD) in a new seven-year bond issue carrying a coupon of 3m Nibor + 3.35%. The settlement date for the new bonds is expected to be March 18


BP Loses Bid to Block Seafood Fund Payments

A U.S. federal judge on Wednesday denied BP Plc's request to halt payments from the $2.3 billion fund it created to compensate commercial fishermen for financial losses after the British company's 2010 offshore oil spill, according to court records.


 
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