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The world's marine insurers collectively lost $3 billion in 1999, Norway's Central Union of Marine Underwriters (CEFOR) said. Cefor's calculation uses the collective experience of marine insurers in Norway - one of the world's major marine insurance markets - and extrapolates the results to the global industry. Cefor's md said that not even in their previous worst case estimates did CEFOR anticipate anything like this. The principal reason for the losses is continuing reduction in insurance premium rates, said Formso. On CEFOR's current estimates, rates in 2000 have dropped to 31 per cent of their 1994 levels. Hvide Marine Inc. Hvide Marine Inc. said last Monday that chairman and CEO Jean Fitzgerald has been hospitalized with a heart condition and was to undergo surgery.
Mississippi River Reopens to Vessel Traffic
MISSISSIPPI RIVER REOPENED TO VESSEL As of 3:30 p.m. Monday, the U.S. Coast Guard reopened the Upper Mississippi River from mile marker 130 to 145 to vessel traffic. The river was closed to vessel traffic after the Marquette Transportation Lines towing vessel John Paul Eckstein, pushing 25 grain barges, suffered mechanical problems and struck an unused dock, causing the tow to break up and 1 barge to sink. The Coast Guard worked with U.S. Army Corp of Engineers and local maritime industry represetatives to determine the most efficient and safe plan to allow the transit of delayed vessels through the previously closed portion of river. Prior to the reopening, 21 vessels were delayed as a result of the river closure.
Mississippi River Closes After Towboat Accident
The Coast Guard has closed the Upper Mississippi River on Sunday from mile marker 130 to 144, to all vessel traffic due to a towboat accident which resulted in one sunken barge and 6 others damaged. The towboat John Paul Eckstein, lost power and ran its 25 barge tow into a dock near mile marker 144, approximately 20 miles above St. Genevieve, MO. As a result of the accident, the tow broke apart and all 25 barges were set adrift. All of the barges, except one were recovered. The Coast Guard will reopen vessel traffic in the affected area upon location of the sunken barge and once the channel is cleared and safe for vessel traffic transit.
