Power Generating Equipment News

U.S. Coast Guard Guidance Helps to Bring some Clarity to the Debate. In July 2015, the U.S. Coast Guard released Navigation and Vessel Inspection Circular 01-15 (“NVIC”), titled Marine Casualty Reporting Procedures Guide with Associated Standard Interpretations. The purpose of the NVIC is to assist vessel owners and operators in understanding the marine casualty reporting requirements, which many in the industry think are about as clear as mud. Confusion as to what constitutes a marine casualty and what incidents need to be reported has persisted in the marine industry for years.

U.S. By Frederick B. Most commercial mariners and their vessel operating employers probably know that when certain significant vessel-related events occur, these must be reported to the U.S. Coast Guard. In my experience, however, there is widespread uncertainty in the marine industry about what must be reported and, more significantly, when. Many companies learn the hard way about these requirements and end up paying healthy fines — anywhere from several hundred to thousands of dollars — for failing to “immediately,” as the regulations require, report such events.

Volvo recently made it known to investment banks that all or part of its profitable Penta marine and industrial engine unit would be up for sale at the right price, Reuters reported. Analysts said Volvo probably would require a high offer for Penta, one of its smaller but more profitable units, and would sell only if it needed the cash to fund a tempting acquisition in its core business in trucks, buses and industrial equipment. "It comes as a surprise to me. They normally argue that it has a lot of synergies, not least with the truck area when it comes to engine knowledge," Danske Securites analyst Mikael Sens said. But Penta's strong recent financial performance could justify an expensive price tag, he noted, and that cash would be useful if Volvo had a large acquisition in the pipeline.