CMA CGM reached agreement on the establishment of a committee comprised of French, European and international banks including certain major financial institutions from Asia and the Republic of Korea. The committee will propose suitable measures…
Ahead of an impending revision of the standard industry shipmanagement agreement, the International Transport Intermediaries Club (ITIC) has urged shipmanagers to limit their liability to a sum which reflects the growing proportionate gap between ship values and the level of shipmanagement fees…
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced that the U.S. Securities and Exchange Commission (SEC) has confirmed it will not take action against the company and has closed an inquiry related to an e-mail sent by the company's…
The Government Accountability Office (GAO) issued a report of its examination of internal financial controls at the US Merchant Marine Academy (USMMA). The report states that internal control weaknesses resulted in improper sources and uses of funds…
A Liberian-incorporated shipping company pleaded guilty in federal court in Trenton, N.J., to failing to keep accurate oily water discharge records and using falsified records to conceal the discharge at sea of untreated bilge from one of its cargo ships…
The International Transport Intermediaries Club (ITIC) has urged its shipmanager members to seek legal advice before entering into any contracts with owners relating to the laying-up of vessels. ITIC said there has been a recent sharp increase…
A federal grand jury in Houston has returned an indictment charging two crewmembers of the oil tanker Georgios M with making false statements, violating federal law designed to prevent pollution from ships and obstruction of justice, the Justice Department announced…
Modern electronic navigation systems have the potential to improve vessel navigation safety and ruce accidents. The potential of these new systems is unlikely to be realiz, however, if the officers keeping the navigation watch are not fully train and properly qualifi in their use…
According to a June 23 report from the Canadian Press, Irving Shipbuilding, the company that lost a multibillion-dollar submarine maintenance contract, is asking the Supreme Court of Canada to allow its legal challenge of the deal to proceed…
