Revenue Service News

Massachusetts, Connecticut and Rhode Island extended on Thursday the date bids are due in the states' next offshore wind solicitations from Jan. 31 to March 27.Offshore wind is expected to play a critical role in U.S. President Joe Biden's and several states' plans to decarbonize the power grid and combat climate change.But offshore wind industry had a tough time in 2023 with some developers cancelling contracts to sell power in several states because their proposed projects were no longer economic due to soaring inflation…

Hubbard, a new ferry built in 2019 for Alaska's Marine Highway System (AMHS), was formally christened this week after a change of plans put the vessel's entry into service on hold.The vessel is the second of two Alaska class ferries designed by Seattle-based Elliott Bay Design Group and constructed at Vigor Shipyard in Ketchikan, Alaska. Construction of both vessels began in October 2014. The series' first ferry, Tazlina, was christened in 2018, and Hubbard was completed in 2019.Intended to operate as day boats to serve the AMHS Lynn Canal route between Juneau…

The month of May brings a mixed bag of news for offshore wind in the United States, as outlined in the latest U.S. Offshore Wind Report from business intelligence firm Intelatus Global Partners.In the "positive" category, Intelatus said federal permitting of projects continues on schedule, and states continue to plan to procure and accommodate ever larger amounts of wind produced offshore into their onshore grids. The firm also noted that the Internal Revenue Service has clarified certain Inflation Reduction Act incentives.

I. MoneyNo one ever said it’s easy to understand federal budgets and spending plans. Nevertheless, a general sense of clarity and straightforwardness is critical for any review of public expenditures. This becomes more pressing when tracking revenue and expenditures linked to specific users’ fees, such as the $0.29/gallon fuel tax, paid by inland waterways operators. In 2021, the Inland Waterways Trust Fund (IWTF) held $221.5 million, money earmarked to build, maintain and operate…

Eastern Shipbuilding Group hosted the keel laying ceremony for the U.S. Coast Guard’s future Offshore Patrol Cutter (OPC), USCGC Ingham (WMSM-917), the third vessel in the new Heritage Class built at the Nelson Street facility. The presiding official for the U.S. Coast Guard was Rear Admiral Chad L. Jacoby, Director of Acquisition Programs & Program Executive Officer (CG-93). Congressman Neal Dunn (FL – 2nd District) was the senior official in attendance."Today marks another pivotal…

The largest shipbuilding and maintenance facility in India, Cochin Shipyard Limited (CSL) announced steel cutting ceremony of three marine ambulance boats  for the Department of Fisheries, government of Kerala State.The minister for fisheries in the state J. Mercykutty Amma expressed happiness at the effort taken by CSL in designing safe & stable vessels for the support of the fishing community in the State.CSL said that she complimented shipyard, Central Institute of Fisheries Technology (CIFT), Indian Revenue Service (IRS) & Indian Institutes of Technology (IIT), Chennai for their participation in ensuring for the first time that a…

“Scarlet Lady”, the first of four ships which Virgin Voyages ordered to Fincantieri, touched the water for the first time for Virgin Voyages on Friday at the shipyard in Genoa Sestri Ponente.The first ship from the new cruise brand of Virgin Group  starts revenue service from the Port of Miami in April 2020.Interior fittings will now begin, leading the ship to its delivery, scheduled at the beginning of 2020, said a press release from the shipyard.The event was attended, among others, for the ship owner by Tom McAlpin, Virgin Voyages President and CEO, while Fincantieri was represented by Luigi Matarazzo, Senior Executive Vice President Merchant Ships Business Unit and Paolo Capobianco, director of the shipyard.

To better understand the challenges faced by ship operators in Brazil, Maritime Reporter’s correspondent in Brazil spoke to Paulo Cesar P. Freitas, Fleet Manager for Norsul Shipping company, one of the major shipping operators in Brazil. Established in 1963 and operating continuously ever since, “Companhia de Navegação Norsul”, as it is called in Portuguese, is one of the leading private maritime commerce companies in Brazil. Norsul specializes in dry-bulk, neo-bulk cargoes, general cargo, project cargoes, along with chemicals and liquid cargoes, operating in the Brazilian Cabotage and international shipping markets. Freitas has worked for Norsul for 28 years, starting as Ship Superintendent and today operating as Fleet Manager.

The Energy Independence and Security Act of 2007 (the 2007 Act) authorized a Short Sea Transportation (SST) Program. As passed by the House, the legislation would have authorized $2 billion for the Maritime Administration (MARAD) Title XI Program and have extended the Capital Construction Fund Program (CCF or Program) to shipyards and operators building and operating vessels in SST services nationwide. Mr. Oberstar and his Congressional co-sponsors were confident that with their proposals in place, the much-discussed use of U.S.

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, including former Chief Executive Morten Arntzen and former Chief Financial Officer Myles Itkin, agreed to pay $10.5 million, papers filed in Manhattan federal court on Thursday showed. Underwriters including Citigroup Inc, Deutsche Bank AG and Goldman Sachs Group Inc will pay $4 million, while accounting firm PricewaterhouseCoopers LLP will pay $1.75 million. "We're think its an extraordinary result in an extremely complex case," David Rosenfeld, a lawyer for the plaintiffs, said on Friday.

Last September, an Administrative Law Judge (ALJ) unsettled much of the U.S. maritime industry when he dismissed with prejudice a U.S. Coast Guard (USCG) action to revoke a Merchant Mariner’s Credential (MMC) despite his finding that the mariner’s urine had tested positive for cocaine. The case is referred to as USCG v. Hopper, SR-2014-14. American Maritime Safety, Inc. (AMS) considered the Hopper outcome to be a bad decision, both because it imposes harsh evidentiary consequences…

The use of Liquefied Natural Gas (LNG) as a transportation fuel for ships, barges and ferries has surged in recent months. This surge is due, in large part, to the boon in the production of natural gas in the U.S.; new low sulfur rules for the North American Emission Control Area (ECA), which go into effect on January 1, 2015; and new technologies for the construction of engines capable of running on LNG. Regulatory regimes both in the U.S. and worldwide are struggling to keep pace with the tremendous growth of LNG as a fuel.

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow. And, if that newbuild or conversion program involves a significant fleet expansion, then everyone will need to leverage their business model. So, you’ve assembled and sent off your financial package to a handful of lenders, answered most of their questions and now have a number of their proposals or term sheets in front of you. While the proposals are generally similar, some are not, especially from non-commercial marine lenders and may contain arcane language or confusing structure.

ZF Marine penetrates domestic inland waterway markets – enjoying good success with two U.S. majors. The prospects for an even brighter future hinge on the performance of its early entries. So far, so good. It’s no secret that the domestic, inland marine business can be conservative in its approach to adopt new technologies, but then, this can probably be said of the global waterfront, as well. But the market is changing, driven by larger corporate entities moving into these tightly held markets, as well as a myriad of legislative and operational conditions – namely the rapidly rising cost of fuel. ZF Marine – or more specifically ZF Marine Krimpen b.v.…

When German industrial manufacturing giant ZF bought Holland Rudder Propeller nearly five years ago, it was a strategic addition to its ZF Marine portfolio that is now reaping big rewards as it is enjoying strong penetration of its azimuth thruster systems in the U.S. towboat market. Maritime Reporter & Engineering News visited with Frank van der Vegt, Sales Manager, Commercial Craft Thruster Systems, at the ZF Marine Krimpen B.V. factory in The Netherlands for an update. The marine business…

As a polar vortex snarled North America's railroads and upended freight flows this winter, everyone from agricultural giant Cargill to Dow Chemical rushed to secure the next-best form of hauling goods: trucks. In what trucking executives described as an unprecedented bidding frenzy, spot market rates surged by as much as 20 percent to record highs in the first three months of 2014 as shippers sought to minimize sometimes weeks-long delays in rail service. "We've received letters from CEOs from major chemical companies asking us if we can do more," said Bill Marchbank, vice president of operations at Houston-based Trimac Transportation, a leading bulk shipper of liquid chemicals and industrial minerals.

Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) announced a 55% year-over-year increase in third quarter earnings, provided higher earnings guidance for full year 2010 and commented on 2011. o    Third quarter 2010 net income increased 55% year-over-year to $356.8 million, or $1.64 per share. o    Third quarter close-in bookings were stronger than expected while operating costs and fuel consumption were lower. o    Third quarter Net Yields increased 5.2%, (7.2% on a Constant Currency basis). o    Third quarter Net Cruise Costs excluding fuel per APCD (“NCC ex. fuel”) declined 2.8%, (1.2% on a Constant Currency basis). o    Net Yields are…

New Exhaust Manifold V-CATTM Catalyst System from MIRATECH Successfully Completes One Year Trial on Harbor Tug. MIRATECH Corporation announces a successful first year demonstration of its new, patented V-CATTM Integrated Diesel Oxidation Catalyst System on a vessel powered by two EMD 12-645 roots blown diesel engines in service in California. MIRATECH Corporation, in partnership with Foss Maritime Company, has now successfully completed the first year of a three-year program to demonstrate emissions reduction from the M/V Brynn Foss (Figure 1.)…

More than 153 years after it was lost in a violent collision at sea, government and university maritime archaeologists have identified the wreck of the ship Robert J. Walker, a steamer that served in the U.S. Coast Survey, a predecessor agency of NOAA. The Walker, while now largely forgotten, served a vital role as a survey ship, charting the Gulf Coast ‒ including Mobile Bay and the Florida Keys ‒ in the decade before the Civil War. It also conducted early work plotting the movement of the Gulf Stream along the Atlantic Coast.

Northrop Grumman Corporation (NYSE: NOC) reported that fourth quarter 2011 earnings from continuing operations increased 80 percent to $550 million, or $2.09 per diluted share, from $306 million, or $1.03 per diluted share, in the fourth quarter of 2010. Fourth quarter 2010 results included a pre-tax charge of $229 million, or $0.50 per diluted share, principally related to premiums paid to redeem $682 million in debt in 2010. Fourth quarter 2011 diluted earnings per share are based on 262.7 million weighted average shares outstanding compared with 296.9 million shares in the fourth quarter of 2010. For 2011, earnings from continuing operations increased 10 percent to $2.1 billion, or $7.41 per diluted share, from $1.9 billion, or $6.32 per diluted share in 2010.

Singapore - FSL Trust Management Pte. Ltd. (“FSLTM ”), as trustee-manager of First Ship Lease Trust (“FSL Trust”) announced that, as of March 10, the remaining two 19,900 dwt stainless steel chemical tankers, previously leased to the subsidiaries of Berlian Laju Tanker Tbk, have been redelivered to FSL Trust. The chemical tankers - ‘Pujawati’ and ‘Prita Dewi’ - will be renamed ‘FSL London’ and ‘FSL Tokyo,’ respectively. FSLTM intends for all the three redelivered chemical tankers to be deployed on revenue service as soon as possible, and the tankers are expected to join the 'Nordic Siva' pool after an interim period of commercial management under Nordic Tankers Management A/S.

New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX)  ("Company"), successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B"). The new financing arrangements will provide significant liquidity and support New A&B in the execution of its growth strategies as a stand-alone company and complement separately announced financing arrangements that have been made for Matson Navigation Company, Inc.

NOAA announced that the wreck of the ship USCS Robert J. Walker, a steamer that served in the U.S. Coast Survey, a predecessor agency of NOAA’s Office of Coast Survey, has been added to the National Register of Historic Places. The Walker served as survey ship, charting the Gulf Coast ‒ including Mobile Bay and the Florida Keys ‒ in the decade before the Civil War. It also conducted early work plotting the movement of the Gulf Stream along the Atlantic Coast. Twenty-one men died when Walker sank in rough seas in the early morning hours of June 21…