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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


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


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


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


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


Conrad Announces Contract Modification

Conrad Industries, Inc. entered into a Memorandum of Understanding with the U.S. Army Engineer District, Philadelphia for the issuance of a modification for $4.3 million to increase the contract price of the contract entered into in September 2002 to design, construct, test and deliver four towboats. In addition, the agreement provides for time extensions to complete certain aspects of the contract. This agreement was reached to fully resolve and settle the claim filed by Conrad’s


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


Stop Work Call at Australian Ports

A 4-hours stop work meeting has been formally notified by the MUA at the PB Towage operations at the ports of Sydney, Brisbane, Melbourne and Newcastle on Friday 10 October. This comes after PB Towage and the respective maritime unions failed to reach a settlement on the renewal of the PB Towage Enterprise Agreement. Negotiations are continuing, with the unions due to report back through the Fair Work Commission on Monday 13 October.


BP Wins Right to Appeal Gulf Spill Damages Claims

BP Plc deserves the right to have a federal appeals court review some damage claims awarded under the settlement to compensate people and businesses harmed by the 2010 Gulf of Mexico oil spill, a U.S. appeals court ruled on Friday.   The 5th U.S. Circuit Court of Appeals in New Orleans said BP did not expressly waive its right to appeal various claims determinations made under the 2012 settlement following review by a district court


Overseas Shipholding Investors Settle Lawsuit with Execs, Others

Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems.   Company directors and officers


Dryships Post 2Q Loss

George Economou, Chairman and Chief Executive Officer

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second


Strike Call Lifted on Panama Canal Expansion Work

Panama Canal Expansion

  The Panama Canal Authority (ACP) expressed its satisfaction after the main contractor for the Third Set of Locks Project, Grupo Unidos por el Canal (GUPC), and the National Union of Workers of Construction and Similar Industries (SUNTRACS) reached an agreement which supersedes the strike


MN 100: Gencorp Insurance Group

Gencorp.jpg

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds


PSC, BP Claims Against Transocean Resolved

Photo of GSF Galaxy III courtesy Transocean

  Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP")


US Forecaster Predicts Below-average Atlantic Hurricane Season

The Atlantic Ocean will see a below-average number of hurricanes this season due to cooler seas and a strong El Niño effect, the U.S. government weather forecaster announced on Wednesday.   The forecast calls for six to 11 tropical storms this year


Record Trading in Singapore's Bunkers Market

Photo: Singapore Ministry of Transport

Over $750 million worth of fuel oil traded 1st week of June. Trading frenzy leads to record price swing. Major commodity houses are betting against each other on the direction of fuel oil in Singapore, the world's largest market for shipping fuel


Arctic Ocean Acidification May Corrode Animals' Shells

Arctic Ocean experiencing acidification. Photo: NOAA

 Arctic Ocean is facing a dilemma today and that is acidification. Ocean acidification is a result or a chemical reaction which happens when seawater absorbs too much carbon dioxide from the atmosphere—reducing its acidity, carbon ion concentration and saturation.  


Northern Offshore acquired by Shandong Offshore

Pic: Northern Offshore Ltd

 Offshore oil and gas drilling firm Northern Offshore Ltd. has reached agreement on the terms of a recommended $165m cash acquisition by Shandong Offshore International Company Limited.    The NOK7.59 per share offer by Shandong has been unanimously recommended by the board of


S. African Competition Watchdog Fines Japanese Shipping Firm

South Africa's competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty for price-fixing and collusion in the transport of cars. The Competition Commission said on Tuesday NYK had admitted guilt and agreed


Noreco Ink Deal with Denmark Partners

Logo

  Norwegian Energy Company ASA announces that it has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields


Carnival Faces Penalties Over ADA Compliance

Carnival Breeze (Photo: Carnival Corp.)

Justice Department Reaches Agreement with Carnival Corp. Over ADA Violations by Carnival Cruise Line, Holland America Line and Princess Cruises   The U.S. Justice Department and Carnival Corp. have reached a comprehensive, landmark settlement agreement under the Americans with Disabilities


Obama, Leaders Discuss Possible Sanctions, Force for South Sudan

U.S. President Barack Obama and regional leaders discussed options on Monday that included sanctions and a "regional intervention force" if South Sudan's warring parties do no agree a peace deal by August 17, a U.S. official said.  


Matson Settles with Hawaii Settle on Molasses Incident

Pacific cargo shipper Matson, Inc. informs that a settlement has been reached with the State of Hawaii to resolve all civil, criminal and administrative claims that the State could have had arising from the discharge of molasses into Honolulu Harbor in September 2013. 


Matson Declares 2Q EPS Of $0.23

Photo Matson, Inc.

  Matson, Inc., a U.S. carrier in the Pacific, reported net income of $9.9 million, or $0.23 per diluted share for the quarter ended June 30, 2015.  The company said its second quarter results were negatively impacted by $13.5 million of additional selling






 
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