Wednesday, September 6, 2000

Liberian Registry launches internet tonnage tax calculator
The Liberian Registry has put an instant tonnage tax calculator on its web site. Owners can now obtain immediate confirmation of the amount of tonnage tax payable by entering the net tonnage of their vessels into a special calculator on the website of the Liberian International Ship & Corporate Registry (LISCR). At the touch of a button, the calculator will also show a range of other information if applicable - including annual inspection, registration, administration and certification fees.

Further improvements to the LISCR website include a new facility for approved inspectors to update their online details, thus ensuring that the most efficient lines of communication are available at all times to the registry and its customers. The website can be accessed at

These innovations are part of the Liberian Registry's commitment to an ongoing program of improved access and lower costs for shipowners, whilst maintaining the highest standards of quality with which the registry is synonymous.

The Liberian Registry recently cut its annual tonnage taxes by 75 per cent to $0.10 per net ton, and waived registration fees for vessels entering the flag until the end of 2000. Later this year, it will be possible to record Liberian mortgages in London, for the first time ever. And online registration of ships is expected to be available early next year,.

"We want owners to have the best, for less," says Yoram Cohen, CEO of LISCR. "We will continue to improve service while maintaining quality at the highest level, and we will continue to bring down costs. At the same time, a one-to-one personal service will always be available to those owners who want it."

OMI refinances
OMI Corporation has accepted an offer from a group of banks led by Christiania Bank og Kreditkasse to refinance its existing bank indebtedness and finance the two newbuildings scheduled for delivery in September and November of this year. Closing is expected in early October.

The total financing is for $310,000,000 and is for a five year term. Amortization will be $40,000,000 per year for the first two years and $25,000,000 for each following year.

CEO and president Craig H. Stevenson, Jr., commented, "We are pleased that the company's performance has improved so as to allow it to refinance its debt upon substantially improved terms. Unlike its existing credit facilities, the refinancing will not require disposition of assets. The company's ability to do future transactions will be greatly enhanced by this refinancing."

OMI further announced that VPand controller Kathleen C. Haines, has been named CFO and treasurer .

"White paper" on cruise ship waste management
The U.S. EPA is making available a discussion paper with preliminary information on waste management practices on cruise ships. The paper highlights waste streams associated with most cruise ships, identifies existing domestic and international authorities available to regulate water pollution from cruise ships and provides some preliminary recommendations for addressing water pollution from cruise ships. The paper is part of an agency information gathering exercise to assess impacts from cruise ship discharges and will be used to stimulate discussion at three public meetings scheduled in September. The meetings will be held in Miami, Los Angeles and Juneau. To download the cruise ship "white paper," click here

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