New York District Court Judge Laura Swain had decided in favour of class society ABS in January 2008, ruling that Spain sought damages under the International Convention on Civil Liability for Oil Pollution Damage and since the US was not a signatory, a US court had no jurisdiction. On Friday, the US 2nd Circuit Court of Appeals vacated Swain’s decision, ruling that a federal court is not necessarily deprived of jurisdiction because America had not ratified the treaty. The panel also ruled on a cross-appeal by ABS, which sought a reinstatement of counterclaims against Spain for contributory negligence. Ruling for ABS, the appeals panel remanded those claims for further proceedings.
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Monday, June 15, 2009
US Prestige ruling reversed
A US appeals court has reversed the dismissal of the $1Bn suit against American Bureau of Shipping by Spain, which is seeking compensation for the 2002 sinking of the Prestige.
UK. Princess to build megayachts at South Yard Plymouth waterfront site
Princess Yachts International has signed the lease for a 15 acre (6 hectare) waterfront site at South Yard, Plymouth.
Part of the famous Devonport Naval base, this facility has been acquired to enable Princess to commence the construction of a new range of large yachts. The bespoke craft, which will be over 100 feet, are too large to be built in Princess’ existing manufacturing sites.Chris Gates, Managing Director at Princess Yachts International, said, “Acquiring this land is a significant step for the company’s future. We have been working for some time to achieve the waterfront location we require in the Plymouth area. Expanding locally has always been a priority not least because of the skilled workforce and supply chain we have established here over the years. “The South Yard site will enable us to start immediate production of a new range of large craft. We have identified this market as key for Princess to ensure its growth and long term development, helping us secure stable employment for our workforce.”Read More
Part of the famous Devonport Naval base, this facility has been acquired to enable Princess to commence the construction of a new range of large yachts. The bespoke craft, which will be over 100 feet, are too large to be built in Princess’ existing manufacturing sites.Chris Gates, Managing Director at Princess Yachts International, said, “Acquiring this land is a significant step for the company’s future. We have been working for some time to achieve the waterfront location we require in the Plymouth area. Expanding locally has always been a priority not least because of the skilled workforce and supply chain we have established here over the years. “The South Yard site will enable us to start immediate production of a new range of large craft. We have identified this market as key for Princess to ensure its growth and long term development, helping us secure stable employment for our workforce.”
Dry bulk market bounces back
The Baltic Dry Index managed to recover some of its losses, by the end of the previous week, regaining some ground.
Friday it gained another 100 points to finish the week at 3,583 points, down from the high of 4,291 points, reached just 10 days ago. According to Weberseas latest weekly report, “the indices continued their slide for the best part of the week however, by Thursday it was evident that this downturn would be short lived as the caper and panamax indices moved upwards and continued with strong gains on Friday. Even though on a week-to-week basis all of the indices were in the red the market is showing resilience in that downturns are short lived” the broker said. Another indication of the dry bulk market faring better is the number of transactions moving forward in the sale & purchase market for second hand vessels. According to brokers, there is an abundance of purchase enquiries, not to mention deals going through. “No matter what vessel is placed in the market for sale there are now buyers enquiring, inspecting and offering and more and more owners are taking this opportunity of capitalizing and cashing-in at ever increasing price levels” said Weberseas.
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Sunday, June 14, 2009
Progress in UK on port rates and light dues
Progress has been made in the UK this week with regard to one of the two hugely contentious issues of importance facing port operations and at least some clarification has arrived for the other.
Port based businesses, which have been lobbying for over a year against the unfair imposition of crippling backdated rates by the Government’s Valuation Office Agency (VOA), are celebrating a major success for their cause, following Tuesday’s vote in the House of Lords, which accepted amendments to the Business Rates Supplements Bill. And yesterday the Government’s new Shipping Minister, Paul Clark announced the new rates for light dues for the next two years. The Business Rates Supplements Bill amendments, which were drafted by Andrew Finfer, a rating expert with Yorkshire law firm Schofield Sweeney, on behalf of the Humber Docks and Mersey Dock Rating Groups, accept the principle of no backdating without fault. Errors in rating evaluations should be borne by those responsible for the errors. There should be no backdating increase of business rates if the increase is not the fault of the business.Read More
Port based businesses, which have been lobbying for over a year against the unfair imposition of crippling backdated rates by the Government’s Valuation Office Agency (VOA), are celebrating a major success for their cause, following Tuesday’s vote in the House of Lords, which accepted amendments to the Business Rates Supplements Bill. And yesterday the Government’s new Shipping Minister, Paul Clark announced the new rates for light dues for the next two years. The Business Rates Supplements Bill amendments, which were drafted by Andrew Finfer, a rating expert with Yorkshire law firm Schofield Sweeney, on behalf of the Humber Docks and Mersey Dock Rating Groups, accept the principle of no backdating without fault. Errors in rating evaluations should be borne by those responsible for the errors. There should be no backdating increase of business rates if the increase is not the fault of the business.
EU unveils IACS antitrust proposals
Brussels: The results of the 18-month investigation by EU competition officials into the International Association of Classification Societies and proposed changes to the way IACS operates have been published by the European Commission, writes Anderimar Shipping News.
In the current form of the agreement between the two bodies, IACS has offered to set up "objective and transparent membership criteria and to apply them in a uniform and non-discriminatory manner". The proposed commitments foresee detailed rules, including clear deadlines, for the different steps of the membership application, suspension and withdrawal procedure.With regard to IACS' technical working groups, which develop IACS' technical resolutions, IACS has committed itself to ensure that classification societies which are not members of IACS will nonetheless be able to participate.Read More
In the current form of the agreement between the two bodies, IACS has offered to set up "objective and transparent membership criteria and to apply them in a uniform and non-discriminatory manner". The proposed commitments foresee detailed rules, including clear deadlines, for the different steps of the membership application, suspension and withdrawal procedure.With regard to IACS' technical working groups, which develop IACS' technical resolutions, IACS has committed itself to ensure that classification societies which are not members of IACS will nonetheless be able to participate.
Drydocks World delivers self-elevating platforms
Drydocks World – Southeast Asia (DDW-SEA) has announced the recent delivery of ‘JB-114’ and ‘JB-115’ from its Drydocks World – Nanindah yard on Batam Island, Indonesia, to Self Elevating Platforms, the Netherlands.
Designed by Holland’s GustoMSC and of the SEA 2000 design, ‘JB-114’ and ‘JB-115’ are the third and fourth of this type built by DDW-SEA. Similar to the first and second vessels, which have now been renamed ‘Sea Worker’ and ‘Seafox 7’, the new monohull jack-up barges will be deployed in European waters involved in wind farm installations and related activities.Designed with a hull measuring 55.5 metres by 32.2 metres by five metres, the platforms each have a 300-tonne-capacity mounted pedestal crane together with four cylindrical legs, each with a diameter of three metres and a length of 78.85 metres.
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Designed by Holland’s GustoMSC and of the SEA 2000 design, ‘JB-114’ and ‘JB-115’ are the third and fourth of this type built by DDW-SEA. Similar to the first and second vessels, which have now been renamed ‘Sea Worker’ and ‘Seafox 7’, the new monohull jack-up barges will be deployed in European waters involved in wind farm installations and related activities.Designed with a hull measuring 55.5 metres by 32.2 metres by five metres, the platforms each have a 300-tonne-capacity mounted pedestal crane together with four cylindrical legs, each with a diameter of three metres and a length of 78.85 metres.
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VLCC spot rates continue rise on 'accelerated activity'
Spot VLCC activity in the MEG has continued to rise this week, reducing tonnage oversupply and putting rates on the ascent, brokers told Tankerworld.
MEG-East voyages were commanding close to WS 40 last week compared to low WS 30s in the previous week, but brokers tell Tankerworld that rates have picked up close to 10 Worldscale points over the past three days. Fearnleys for example says MEG-Japan and MEG-Singapore voyages are being fixed at WS 52.5 this week. In a note to Tankerworld on Wednesday, Dahlman Rose said that “the VLCC market has firmed on accelerated activity” with freight earnings to move crude from the MEG to the Far East surpassing $25,000 per day per vessel. The benchmark MEG-Korea route was earning about $19,000 per day per vessel last week. On Tuesday, 10 VLCCs were fixed to move MEG crude to the Far East, according to Dahlman Rose, and further 6-7 fixtures were being concluded on Wednesday, with 4 headed to the US.IMAREX reported that spot VLCC activity surged on Tuesday as 12 new cargoes were covered and at higher rates.
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