Marine News July Editor's Note
I couldn’t possibly kick off this edition of MarineNews without first acknowledging – and applauding – the passage of the long-awaited, much needed Water Resources Reform and Development Act (WRRDA). Signed into law by the President on June 10th, the bill gives the domestic waterfront a much improved vehicle from which it can get onto the important business of rehabilitating the nation’s waterways and infrastructure. Beyond this, I can’t think of a single sector of our core readership that won’t eventually be impacted in a positive way by this news. That said; I’m not just going to leave you wondering how. Handicapping the ABC’s of marine infrastructure 101 in this edition is none other than St. Louis-based attorney James Kearns.
Finding New Ways to Finance Jones Act Vessel Builds
Sustaining the ongoing boatbuilding boom can involve the lawful use of foreign finance streams. James Kearns takes a closer look at the practice. The citizenship requirements for vessels engaged in the U.S. coastwise trade are generally well-known. Such a vessel needs to be built in the United States; it must have a U.S. citizen crew or operator; and its ownership must meet specified U.S. citizenship requirements, depending on the form of legal entity owning the vessel (corporation, limited liability company, partnership, etc.).