AAPA Study Examines Cruise Ports
To accommodate rapid growth in the North American passenger cruise industry, U.S. ports are facing potential expenditures of $150-300 million to meet existing Federal regulations for cruise facility design and space. That’s the conclusion of a study launched this year by the American Association of Port Authorities (AAPA), with the results unveiled at AAPA’s annual convention in Curaçao. AAPA initiated the study to address cruise ports’ pressing concerns over elaborate, cumbersome, costly and duplicative Federal requirements. The association retained the services of Bermello, Ajamil & Partners, experts in facility design. to conduct the study and recommend solutions.
Fitch Ratings Upgrades Port’s Bond Rating
Fitch Ratings, an international credit rating firm, recently announced it has upgraded the Canaveral Port Authority $61 million of outstanding debt from “A-“ to “A” and assigned the “A” rating to the Authority’s proposed refunding issue. The agency cited the Port’s strong financial operations from increased cruise activity as well as the Port’s modest capital program and strong management team as part of the basis for the upgrade.“We are pleased that Fitch Ratings recognizes our sound business practices and planning,” says Donald Molitor, Secretary/Treasurer of the Canaveral Port Authority Board of Commissioners. The ratings upgrade will help lower the interest rates on the current refinancing.
Fitch Ratings Upgrades Port’s Bond Rating
Fitch Ratings, an international credit rating firm, recently announced it has upgraded the Canaveral Port Authority $61 million of outstanding debt from “A-“ to “A” and assigned the “A” rating to the Authority’s proposed refunding issue. The agency cited the Port’s strong financial operations from increased cruise activity as well as the Port’s modest capital program and strong management team as part of the basis for the upgrade. “We are pleased that Fitch Ratings recognizes our sound business practices and planning,” says Donald Molitor, Secretary/Treasurer of the Canaveral Port Authority Board of Commissioners. The ratings upgrade will help lower the interest rates on the current refinancing.
Cutter Returns to Charleston
The crew of the 378-ft. Coast Guard Cutter Gallatin returned to their homeport of Charleston, S.C. Sunday after a three-month deployment to the Caribbean Sea in support of Operations New Frontier and Frontier Shield. During their patrol, Gallatin crewmembers intercepted two boats involved in human smuggling, conducted counter-narcotics operations with the Coast Guard Cutter Dallas and completed a joint fueling at sea with the British oil tanker Oakleaf. Just a few days into their patrol, Gallatin’s bridge crew located an unlighted 20-foot boat with three people on board four miles off the coast of St. Croix Sept. 15. A Gallatin law enforcement team boarded the vessel.
Y2K Conference Held In New York
"What you're seeing now, is a 'flight to quality,'" said Rear Admiral George Naccara, of the USCG, at the Y2K Luncheon held in New York last month. The Y2K Luncheon, sponsored by the Maritime Association of the Port of New York and New Jersey, brought together individuals from three main sectors of the shipping industry, to discuss what steps each had made in designing and implementing a plan to ensure computer systems were "Y2K" (or Year 2000) compliant. John Hill, director of the Application Development Division of U.S. According to Hill, the initial plan was for approximately 180,000 work-hours of programming and testing. Already, he said, the total had exceeded 200,000 work-hours of effort to reprogram the systems. Close to $12 million in expenditures have been necessary.
