Greek Fleet (Still) Rules
Since ancient times, maritime trade has been a backbone of Greece’s economy with shipping playing the dominant role. Today, it is the second largest contributor to the national economy after tourism. It is the country’s geography with a coastline almost that of the U.S. (including Alaska) in length together with the mountainous nature of the landmass with 85% of Greek population living within 30 miles of the sea, that has been responsible in creating a strong influence on this industry. Although the country’s shipping experienced regression during the late Roman period, it grew in prominence during the last few centuries of Ottoman rule, when Greek traders dominated the grain trade between southeastern Europe and the West.
Shippers Must Monitor Greek Government Changes
International accountant and shipping adviser Moore Stephens says it is too soon to say whether the Syriza party’s victory in the country’s elections could, as some fear, have a damaging effect on the country’s shipping industry. Rather, it says, Greek shipping interests will need to monitor how the change of government might affect them on both a business and personal level before reviewing any long-term plans. Moore Stephens London partner Michael Kotsapas, a shipping specialist who has been advising Greek families for over fifteen years…
Buzzards Bay Case Remanded for Further Proceedings
The U.S. Court of Appeals for the First Circuit remanded the Buzzards Bay case for further proceedings. Following an oil spill in Buzzards Bay in 2003, the Commonwealth of Massachusetts enacted a law imposing various operational and financial responsibility requirements on tank vessels operating in state waters. The federal government and various maritime industry representatives sought to overturn the state law, arguing that it was (in large part) preempted by federal law. The federal district court, based on the pleadings, permanently enjoined enforcement of the state law. In a 54-page decision, the appellate court determined that the permanent injunction is premature since the state may be able to fashion a regime that does not conflict with the federal regime.
