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Offshore Winds A Legal Barometer for Marine and Energy Business

Tag Archives: Robert Stefani

Offshore Supply Vessel Market Turnaround May Be In Sight, But You Need a Long Telescope to See It

Posted in Energy, Marine Services

I attended an excellent conference on March 3, 2016, put on by WorkBoat® exploring the “OSV Capital Outlook for 2016 and Beyond”. The conference featured a diverse and highly experienced panel of speakers including investment and marketing analysts and consultants, vessel operators, shipyard executives and WorkBoat® editors. You may want to read WorkBoat’s® own blog… Continue Reading

Offshore Supply Vessel Tax Credit Targeted in Louisiana Governor’s Proposed Fiscal Plan

Posted in Marine Finance

Louisiana Governor John Bel Edwards’ proposal for short term fixes for the State’s fiscal problems includes a shot at already-hurting offshore supply vessel owners/operators. OSV operators/owners currently receive a refundable credit of 100% of the ad valorem taxes paid on vessels operating on the Outer Continental Shelf. The Governor’s plan would suspend these credits for… Continue Reading

Marine Borrowers Must Be Vigilant to Stay Afloat in a Stormy Market

Posted in Marine Finance

I think this Workboat article outlined succinctly the challenges faced by debt-laden shipowners in the current market downturn. With adverse market conditions expected to continue for the long term in almost all shipping sectors, shipowners should be taking the following measures to keep their heads above water: evaluate debt service obligations and ability to pay; assess… Continue Reading

Designated Entity Clauses — No Substitute for Knowing Who You Are Dealing With

Posted in Maritime Contracts

With increasing frequency, parties to charters and other maritime contracts are including so-called Designated Entity Clauses or “OFAC” provisions. These clauses have the aim of complying with sanction programs such those administered by the U.S. Office of Foreign Assets Control (“OFAC”) or multi-national organizations such as the European Union or United Nations. But, do the… Continue Reading

Oil Spill Case Shows Need to Screen Chartered Vessels & Operators

Posted in Marine Pollution, Maritime Accidents

A judge’s recent decision on where legal liability lies for a maritime accident which released thousands of gallons of oil into the Mississippi River illustrates the benefits of being proactive in vetting operator quality when chartering vessels. The case involved a July 2008 collision near New Orleans between an oil barge and the vessel TINTOMARA…. Continue Reading

BOEM Finding Advances Development of Mid-Atlantic Offshore Wind Farm; But Tailwinds are Behind Faster Moving Gulf Coast Projects in State Waters

Posted in Energy, Offshore Wind

On May 14, 2012, the Bureau of Ocean Energy Management (BOEM) announced a finding of “no competitive interest” with regard to a proposed right-of-way grant area off the Mid-Atlantic coast for construction of an offshore wind energy transmission line. While BOEM’s decision represents a key step forward for this federal offshore wind farming project, two fast-moving… Continue Reading

A Checklist: What to Expect When Financing Vessel Construction

Posted in Marine Services, Maritime Contracts, Ports & Cargo Shipping

When seeking construction financing for a proposed newbuilding, shipowners should understand and be prepared to address the particular concerns that lenders have in assessing risk and documenting vessel construction projects. When deciding whether to approve a construction financing loan, lenders focus on certain key factors: Does the shipyard have the requisite experience, manpower and financial… Continue Reading