Finance Committee News

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus pandemic – and the state government gets most of its revenue from investment earnings that have now evaporated."Alaska is experiencing a perfect storm, a most terrible trifecta, the hat trick from hell," said state Senator Natasha von Imhof, co-chair of the Senate Finance Committee, at a hearing Saturday.

Maryland state lawmakers have passed the Clean Energy Jobs Act (CEJA) of 2019, which would incentivize the development of 1.2 GW of additional offshore wind energy off the coast of Maryland.US Wind Country Manager Salvo Vitale testified last month before the Senate Finance Committee and House Economic Matters Committee urging passage of the legislation while citing the significant economic benefits that the legislation would make possible by incentivizing the development of 1,200 MegaWatts of additional offshore wind energy off the coast of Maryland."The benefits are many and will prove transformational to Maryland's economy: 5,000-7…

Port of Corpus Christi successfully priced and sold $216.2 million of Senior Lien Revenue Bonds. These bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the Port.Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, CEO of the Port of Corpus Christi. “This round of funding will help the Port of Corpus Christi further progress our ambitious…

China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions "completely unacceptable".The foreign ministry described Washington's…

The Standing Finance Committee of Ministry of Shipping in India has cleared a project for setting up an exclusive, fully mechanized handling facility for fertilizer cargo at Deendayal Port in Kandla. The facility will be developed at berth number 14 of the port, which is being constructed   at an approximate cost of Rs.138 crore (USD 20.57 million). The port will further invest approximately Rs.340 crore (USD 50.67 million) for the project from its internal resources. Initially, the proposed facility will handle 2.60 MMTPA and subsequently this will be raised to 4.50 MMTPA. In the proposed project all activities, right from unloading of bulk fertilizer cargo from the ships to loading of the bagged fertilizer onto the wagons will be fully mechanized.

The Cyprus Chamber of Shipping has hailed the unanimous decision by MPs to forward for a vote the legislation that will define three new branches of the executive – shipping, tourism and development, reports Financial Mirror. The report quoted the umbrella organisation for the entire maritime sector of shipowners, managers and services saying that  the decision, following the approval by the House Finance Committee on Monday, established an “innovative institutional structure” and will substantially contribute to the further development of Cyprus shipping and the economy, in general. The three State Secretariats will operate independently of the ten-member Cabinet and will report directly to the President.

Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world's economy in a deal that faces skepticism from U.S. lawmakers. The Trans-Pacific Partnership (TPP) pact struck in Atlanta after marathon talks could reshape industries, change the cost of products from cheese to cancer treatments and have repercussions for drug companies and automakers. Tired negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs.

“The prosperity of the United States is inextricably entwined with that of the rest of the world and international trade agreements provide stability and equity enabling increased trade,” said American Association of Port Authorities (AAPA) President and CEO Kurt Nagle in support of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015), which the Senate just approved and the House approved on June 18. He added, “Port cargo activity accounts for over a quarter of the U.S. economy and provides more than 23 million American jobs. As the unified and recognized voice of seaports in the Americas, AAPA has both independently, and in partnership with the Trade Benefits America coalition, strongly urged federal lawmakers to make TPA-2015 a priority.

'Move America Act of 2015' would help fund landside improvements to U.S. The American Association of Port Authorities (AAPA)—the unified and recognized voice of seaports in the Americas—publicly voiced support for the bi-partisan Move America Act of 2015 infrastructure bonding and credits legislation introduced today in Congress by Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) and Senator John Hoeven (R-N. Dak.). The Move America proposal would provide more tax-exempt financing for public-private partnerships…

Following the previous announcement regarding two group presidents’ retirements and new responsibilities for another group president, Caterpillar Inc. (NYSE: CAT) today announced related changes at the vice president level, including the retirement of Vice President Steve Gosselin. After more than 35 years of outstanding service with the company, Steve Gosselin, 56, vice president with responsibility for the Customer Services Support Division, has elected to retire. Gosselin’s retirement will be effective February 1, 2015. “Much of Steve’s career has been spent in marketing and product support roles, and in his most recent position, he has provided critical leadership in strengthening and aggressively growing Caterpillar’s aftermarket parts and product support business…

Following the previous announcement regarding two group presidents’ retirements and new responsibilities for another group president, Caterpillar Inc. today announced related changes at the vice president level, including the retirement of Vice President Steve Gosselin. After more than 35 years of outstanding service with the company, Steve Gosselin, 56, vice president with responsibility for the Customer Services Support Division, has elected to retire. Gosselin’s retirement will be effective February 1, 2015. “Much of Steve’s career has been spent in marketing and product support roles, and in his most recent position, he has provided critical leadership in strengthening and aggressively growing Caterpillar’s aftermarket parts and product support business…

Apostleship of the Sea (AoS) has launched a maritime emergency fund which aims to provide fast and modest cash grants to seafarers in difficulties. The dedicated fund is designed to respond to emergency financial or welfare requests from seafarers or their families in less than 24 hours, taking the immediate pressure off stressful situations. “Most seafarers and fishermen enjoy good living and working conditions but there can be circumstances when crew are not paid, cannot access communications to speak to family and loved ones and even lack food, water and heating,” AoS Great Britain National Director Martin Foley said during the launch of the fund on board the HQS Wellington in London on June 19.

Collaboration is a wonderful thing. And in Washington, DC, it seems to be a concept that has become more alien than ever before, with partisan politics that have gripped the nation’s capital. But teamwork is alive and well in the inland waterways industry when it comes to supporting the concept of increasing the amount of investment raised for lock and dam infrastructure on the inland system. Since 1986, commercial inland towing operators have been paying a user fee of 20-cents-per-gallon of fuel used while operating on the inland system that is deposited into the Inland Waterways Trust Fund (IWTF). Those monies are then matched by General Treasury dollars and spent for the purpose of new construction and major rehabilitation work on the inland waterways.

Provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, McDermott International, say that Gary P. Luquette has been elected as non-executive Chairman of McDermott’s Board of Directors, effective May 6, 2014. The company informs that Mr. Luquette has served as a member of McDermott’s Board of Directors since October 18, 2013. He retired from his position as President, Chevron North America Exploration and Production, a unit of Chevron Corporation, in September 2013, following 35 years of service with Chevron. •    William H. •    David A. •    Steven G. •    Mary L. “I would like to thank D.

U.S. Senator Bob Casey (D-Pa.) and Congressman Ed Whitfield (R-Ky.) will receive the 13th Annual Waterways Council, Inc. Leadership Service Awards on Wednesday evening, February 12, 2014 at the St. Regis Hotel in Washington, D.C. Senator Casey has served the Commonwealth of Pennsylvania in the Senate since 2007. He is a member of the Senate Finance Committee and Chairman of the Subcommittee on Fiscal Responsibility and Economic Growth. He also serves on the Senate Committees on Health…

An investment agreement has been signed between  ATP, Goldman Sachs funds and PFA to invest DKK 11 billion in DONG Energy A/S. The final closing of the transaction is conditional on the approval of the State Finance Committee of the Danish Parliament. Fritz Schur, Chairman of the Board of DONG Energy A/S, says: 
"We look forward to welcoming ATP, Goldman Sachs funds and PFA to DONG Energy's 
ownership group. The new equity entails that we can carry out our growth 
strategy, including our significant investment programme within offshore wind. "
In this area, DONG Energy is today a global market leader and our ambition is 
to become even stronger.

The Board of Directors of the company elected Ian C. Strachan to serve as Chairman of the Board effective May 18, 2013. Mr. Strachan replaces J. Michael Talbert who was not re-elected at the company's annual general meeting held on May 17, 2013. Mr. Strachan has served as director of the company since December 1999. Most recently, he served as chairman of the Finance Committee of the company as well as serving on the Corporate Governance Committee of the company. The Board believes that Mr. Strachan has relevant senior management experience in the energy sector and other business sectors, including Chief Executive Officer and chairman positions in international companies. Mr. Strachan formerly served as chairman of Instinet Group Incorporated.

'Financing Charters' may now be treated as 'Preferred Mortgages' — The Republic of the Marshall Islands passes Maritime Amendment Act (No. 1), 2013. The Republic of the Marshall Islands’ Nitijela has passed the Maritime Amendment Act (No. 1), 2013 – a legislative initiative of key significance to the international marine finance community. The first-of-its-kind legislation permits a “financing charter” to be treated as a preferred mortgage in favor of the registered owner of a Marshall Islands vessel, which allows a charter party to make precautionary security filings to protect and perfect its interest in a chartered vessel. This solves…

Senator Chuck Grassley (R-IA) will receive the Ninth Annual Waterways Council, Inc. Leadership Service Award on Wednesday, February 24, 2010, at 6 p.m. at the W Hotel, Washington, DC. As one of the principal leaders in the effort to get the Navigation and Ecosystem Sustainability Program (NESP) authorized in the Water Resources Development Act (WRDA) of 2007, Senator Grassley will be honored for his strong support for the improvement of the Nation’s ports and commercial inland waterways system…

On Monday, October 26th, Emery W. Harper passed away following complications from surgery, leaving his spouse/partner Louis (Luigi) Terruso and his daughter Caroline (Carrie). Harper practiced law for 45 years, representing the full spectrum of clients with major interests in the shipping industry. He founded the Maritime Finance Committee of the US Maritime Law Association, was Chair of the Admiralty Committee of the Association of the Bar of the City of New York and the International Section of the American Bar Association.

Admiral Jerry Johnson has been elected to the Board of Directors of Wärtsilä-Lips, Inc. as the Vice President, Business Development, and member of the Government Security Committee. Wärtsilä-Lips with offices in Chesapeake, VA and Poulsbo, Wash., is a leading manufacturer and supplier of propulsion equipment to the U.S. Navy. A Texas native, Admiral Johnson attended Texas A & M University before entering the Naval Aviation Cadet Program. Commissioned and designated a Naval Aviator in 1956, he served on active duty for 38 years. At sea he commanded Attack Squadron Twenty-seven (VA-27), the combat stores ship USS San Jose, the aircraft carrier USS Coral Sea, Carrier Group Four, the U.S. Second Fleet, and NATO’s Striking Fleet Atlantic.

The Senate returned form the Thanksgiving recess still in a deadlock over plans to provide an economic stimulus packaged for a sagging economy. Prior to recess, a bill reported out of the Finance Committee on a party line vote failed to achieve the votes necessary to overcome a procedural objection. As the congress reconvened after Thanksgiving, leaders continued negotiations over the economic stimulus package while the Senate took up railroad legislation and a farm bill. The House of Representatives previously passed its own version of economic stimulus legislation. Both the House-passed bill and the measure reported in the Senate contain provisions for accelerated depreciation of capital assets.

A proposed state energy bill that supports oil and natural gas exploration off the Virginia coast was approved by a House subcommittee, lending more momentum to advocates seeking to lift an offshore drilling ban. The U.S. Department of the Interior targeted Virginia because of its willingness to entertain renewed offshore activity. Most other coastal states, including North Carolina, have said they want to leave the moratorium in place, imposed in 1990 because of environmental concerns. Anti-drilling lobbying groups said the proposal is all about leverage and that the oil industry of using Virginia to break the coastwide moratorium so that richer reserves off New England and North Carolina’s Outer Banks might be accessible. The state energy bill, sponsored by Sen. Frank W.