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Nicola Squassafichi News

21 Dec 2001

Bureau Veritas and RINA Suspend Alliance Discussions

French classification society Bureau Veritas and RINA, of Italy, have acknowledged that discussions concerning an alliance between the two IACS members have been suspended. structuring such an alliance but, in the process of concluding the deal, late difficulties arose concerning corporate governance and certain guarantees requested by RINA, which made the deal unfeasible as initially agreed, and which could not be accepted by Bureau Veritas as they were. Bureau Veritas was prepared to discuss an alternative structuring of the agreement, but this did not meet the strategic objectives of RINA, which therefore decided not to continue negotiations at the present time.

28 May 2002

RINA appoints new Board

and chief executive. Chairman of RINA Spa, and Ugo Salerno will be CEO. years. "RINA is a keystone of the Italian maritime cluster. shipping. the last few years. evolution and will go forward in good hands. lately, but we have emerged stronger and more focused. Board with strong shipping experience. Gianrenzo Prati; Carlo Stagnaro and Manfredo Zanardi. RINA recently reported strong growth for its 2001 financial year. year's Euro85.2m.

28 May 2002

RINA Appoints New Board of Directors

Italian classification society RINA has appointed a new board of directors and chief executive. Chairman of RINA Spa, and Ugo Salerno will be CEO. The shareholders meeting, held on May 23, has also taken the opportunity to thank the Chairman Saverio Di Macco, the CEO Nicola Squassafichi and all the other Board members for the very good work done in the past three years. "RINA is a keystone of the Italian maritime cluster. shipping. the last few years. evolution and will go forward in good hands. lately, but we have emerged stronger and more focused. Board with strong shipping experience. Gianrenzo Prati; Carlo Stagnaro and Manfredo Zanardi.

14 Apr 2000

RINA Report Deflects Sole Blame In Ship's Loss

Facing intense international scrutiny from within and outside the maritime community following the break-up and loss of the Maltese-flag tanker Erika, Italian classification society RINA has issued its preliminary technical report into the causes of the December sinking, a report which liberally spreads blame for the high-profile sinking. The results of the RINA internal technical investigation indicate that the Erika was presumably lost because an initial crack in the low part of the hull below the water line was misjudged and mishandled, allowing it to develop until the hull broke up 18 hours later. According to RINA, the ship was not lost because of an overall hull girder collapse but because she suffered a progressive structural failure.

10 Apr 2000

RINA Report Spreads Blame In Ship’s Loss

Facing intense international scrutiny from within and outside the maritime community following the break-up and loss of the Maltese-flag tanker Erika, Italian classification society RINA has issued its preliminary technical report into the causes of the December sinking, a report which liberally spreads blame for the high-profile sinking. The results of the RINA internal technical investigation indicate that the Erika was presumably lost because an initial crack in the low part of the hull below the water line was misjudged and mishandled, allowing it to develop until the hull broke up 18 hours later. According to RINA, the ship was not lost because of an overall hull girder collapse but because she suffered a progressive structural failure.

05 Feb 2001

ABS Withdraws From RINA Negotiations

Citing irreconcilable differences in the structuring of a proposed alliance between ABS and RINA, ABS has withdrawn from further negotiations with RINA. "It is our understanding that RINA and Bureau Veritas will sign a letter of intent to merge certain of their operations," said ABS Chairman and CEO Frank J. Iarossi. ABS and RINA had spent more than a year exploring possible ways of structuring an alliance that would have strengthened the services offered to RINA's core constituency of Italian shipowners. "Throughout, we always had the interests of the shipowners at the forefront of our discussions," added Iarossi. ABS has maintained an office and operations in Italy for almost 80 years, with current headquarters in Genoa.

28 Feb 2001

RINA confirms Kristal class status

Italian classification society RINA says the 31,351 dwt tanker Kristal, which sank about 68 miles North of La Corunna off northern Spain in heavy weather yesterday, was fully in class and had no requirements outstanding. It was RINA class and ISM-certified by DNV. The Kristal was on passage from India to Amsterdam with a cargo of about 28,000 tons of molasses. The vessel was built in Italy in 1974 by the shipyard Cantiere Navale Breda Spa. under RINA surveillance. The Kristal was registered in Malta and owned by Escort Shipping Ltd. c/o IC Shipping Monte Carlo. Nicola Squassafichi, CEO of RINA, says, "We deeply regret the loss of lives and sinking of this vessel. This vessel was built and maintained to RINA class since 1974 and embraced within the IACS Enhanced Survey Program (ESP).

01 Mar 2001

Kristal Loss Raises Flags

Similarities were emerging between this week's loss of the tanker Kristal off Spain and a number of other recent tanker disasters, leading to warnings of an industry-wide crisis. The products tanker Kristal broke in two in heavy seas northeast of Coruna, Spain, on Tuesday with the loss of four lives and seven crew still missing. The remaining 24 crew were taken safely to shore and the 28,000 ton cargo of molasses is not considered a pollution risk. Nicola Squassafichi, CEO of RINA, the Italian classification responsible for the Kristal's annual surveys, warned of an emerging pattern of damage to tankers. "Following the recent incidents…

11 Feb 2000

RINA Says Hull Crack Caused Erika's Doom

RINA, which passed the tanker that sank off France in December, said the vessel broke up as a result of cracking of its hull. An internal inquiry into the loss of the 25-year-old Maltese-flag tanker Erika pointed to a small structural failure or leak low in the hull structure, the classification society said. "This was followed by cracking which eventually led to the collapse of the hull," RINA said. Erika's break up led to the pollution of French beaches and criticism that TotalFina, which chartered the ship, didn't take enough responsibility for the damage. Classification societies, which oversee ship safety standards, have also come under fire since the accident. In the hornet's nest of criticism that has ensued, RINA said it believed it had acted correctly.

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