Photo: Igor Karasi / Shutterstock By Jennifer A. Dlouhy (Bloomberg) -- U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports. A temporary waiver of that law, known as the Jones Act, “can allow American … [Read more...]
American Commercial Lines to File for Chapter 11 Bankruptcy
File Photo: Ken Schulze / Shutterstock.com</font> Indiana-based barge company American Commercial Lines announced Tuesday an agreement with its lenders to file for Chapter 11 bankruptcy as part of a pre-packaged plan to raise new capital and reduce its debt. The “Restructuring Support Agreement” will inject $200 million in new capital into the business and … [Read more...]
U.S. Customs and Border Protection Decision Seen Opening Jones Act Loopholes
The U.S. Customs and Border Protection has decided to revoke a number of previous letter rulings related to the enforcement of the Jones Act that could result in loopholes with major implications for the U.S. offshore industry. As gCaptain reported previously, the CBP in October issued a bulletin in which it proposed broadening the definition of "vessel equipment" and … [Read more...]
Proposed Customs and Border Protection Modifications Will Weaken the Jones Act
By Meghan Lapp - The Jones Act, or Merchant Marine Act of 1920, has been the foundation of U.S. maritime commerce for 100 years, requiring coastwise trade, i.e. transport of merchandise between two U.S. points, to be conducted on U.S.-flagged, U.S.-owned, U.S.-built vessels, which must be crewed by a minimum of 75% U.S. citizens and/or permanent U.S. residents. It is … [Read more...]
Philly Shipyard Begins Work on First Government Contract
U.S. shipbuilder Philly Shipyard has started work on its first government contract, kicking off short-term repair work on the U.S. Department of Transportation Maritime Administration vessel SS Antares. The The SS Antares is an Algol-class vehicle cargo ship owned by MARAD and managed by TOTE Services, LLC. The ship is in the yard to undergo routine repair and maintenance … [Read more...]