Caribbean Oil Terminals Prepare for Hurricane Maria
Several Caribbean oil storage terminals that temporarily closed ahead of Hurricane Irma earlier this month have started making preparations in case they have to shut again due to Hurricane Maria, which was a rare Category 5 storm on Tuesday. Shippers and traders in the Atlantic basin are struggling amid this year's very active storm season, which has seen seven hurricanes so far, four of them major hurricanes, defined as at least a Category 3 on the five-step Saffir-Simpson scale. Hurricane Harvey hit the U.S.
Cargo Ship Missing in Hurricane Joaquin
The fate of more than 30 crew aboard a cargo ship that ran afoul of Hurricane Joaquin off the Bahamas was unknown on Friday as the powerful storm battered the island chain for a second day. News of the missing vessel came as forecasters shifted the likely track of the powerful storm further away from the U.S. East Coast, but there were still warnings about the potential for severe flooding in the Carolinas from unrelated heavy rains. A potentially catastrophic Category 4 hurricane on a scale of 1 to 5…
Rolls-Royce, Baleària to Partner in LNG Conversion Project
Rolls-Royce Plc signed a memorandum of understanding with Spanish shipping company Baleària to design gas-powered propulsion systems for three of the company’s high-speed ferries, which currently run on diesel. Baleària, which operates ferry services between the Spanish mainland and the Balearic Islands in the Strait of Gibraltar and The Bahamas Islands, is proposing the conversion of three ferries from diesel to liquefied natural gas (LNG). Adolfo Utor, the Baleària Chief Executive Officer said, “This is a strategic agreement for the future of the company.
Proposal to Increase U.S. vessel Tonnage Duties
The House Committee on Transportation and Infrastructure issued a Press Release stating that, as part of the budget reconciliation process, it will propose that vessel tonnage duties be increased. Under the proposal, the duty on a vessel arriving from a foreign port in North America, Central America, the West Indian Islands, and the Bahamas Islands would be increased from 2 cents per ton to 4.5 cents per ton, not to exceed 22.5 cents per ton in a single year. The duty on a vessel arriving from any other foreign port would be increased from 6 cents per ton to 13.5 cents per ton, not to exceed 67.5 cents per ton in a single year. It is estimated that this proposal will increase federal receipts by $32 million in fiscal year 2006 and by $156 million for the five-year period 2006-2010.
