2001 Maritime
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July 31, 2001

Put fish in sea: faces $9 million pollution penalty
The owners of a cargo ship that sunk off Norway's west coast with a full load of fish last December face a major claim, reports Norwegian daily Aftenposten. Clean-up costs have passed NOK 80 million, about $9 million.

The refrigerated vessel Green Ålesund, owned by Nomadic Shipping of Bergen, broke in two after grounding off Bleivik near Haugesund December 15.

It released 3,200 tons of frozen fish into the water. The accident threatened to pollute a wide area of coastline.

If Norwegian maritime authorities determine that the captain of the ship was negligent, Nomadic will be hit with a claim for at least NOK 80 million (about $9 million), Aftenposten quotes Norwegian Broadcasting (NRK) as saying.

$20 million order for Stewart & Stevenson
Stewart & Stevenson Services, Inc., Houston, has received a $20 million order from Yantai Raffles Shipyard Pte, Ltd, Singapore for twenty 4,300 kW diesel engine powered generator sets. Four of the generator sets will be installed in each of five 86 m anchor handling tug supply vessels (AHTSV) being constructed in the firms' shipyard in Yantai, People's Republic of China. The new vessels will utilize diesel-electric propulsion and will be capable of maintaining position by dynamic positioning. The vessels will be owned by Tidewater Marine, Inc. of New Orleans.

The generator sets will be powered by Model 16-265H EMD diesel engines manufactured by the Electro-Motive Division of General Motors Corporation. The "H" engine is rated at 6000 horsepower at 900 RPM continuously. It is a four-cycle, turbocharged marine engine which is one of the most efficient medium speed diesel engines manufactured in the world. The generator sets will utilize generators manufactured by Baylor Division of National Oilwell, L.P. of Houston, Texas. The generator sets are scheduled for delivery during the first half of 2002. 

AMCV defers payment on securities
American Classic Voyages Co.announced yesterday that the next three cash distributions on its trust preferred securities scheduled for August 15 and November 15, 2001, and February 15, 2002, will be deferred until May 15, 2002, as permitted under the terms of the securities. The company had previously paid quarterly cash distributions of $0.875 per unit, for an aggregate of $7.0 million per annum, to holders of the trust preferred securities.

"While we are pleased with the booking volumes and occupancy levels we have generated in recent months and with the effectiveness of our cost control program, we felt it was prudent to take this action to manage our free cash judiciously as we approach our typically slower winter season,'' said CEO Philip C. Calian. "We believe deferral of the distribution will provide us with greater financial flexibility.''

American Classic Voyages says its financial performance this year has been impacted by factors including a broad national economic slowdown and competitive pricing in the leisure industry.

AMCV will host a conference call with analysts to discuss its second quarter 2001 results on Thursday, August 9, 2001, at 11:00 a.m. EDT. A live webcast of the conference call will be available online at www.amcv.com and www.streetfusion.com . An on-demand replay will be available at the same sites for two weeks following the call.

Washington State Ferry projects at risk
As a result of what's been called a "legislative meltdown" in the Washington State legislature, a number of key highway improvements and other transportation infrastructure developments are on hold.

In the ferry sector these include the following:

Seattle – Kingston Ferry
This new passenger-only ferry run would provide service directly between Seattle and Kingston.This new run would serve residents of north Kitsap and operate during commute times when the nearby ferries are running near capacity.The new ferry run would also reduce the number of cars on Interstate 5 traveling between Edmonds and Seattle.No terminal work would be needed in Seattle since Pier 52 can already accommodate passenger-only ferries.

The state Department of Transportation says this project reduces demand for the auto ferries from the Seattle-Bainbridge Island and Edmonds-Kingston ferry runs that are nearing capacity during
commute times.This project also reduces the number of automobiles on I-5 between Edmonds and Seattle.

There is no scheduled start date for the project and without legislative action there is no funding for vessels or for a passenger-only terminal at
Kingston.

Four New Ferries
Four new vessels are needed to replace existing vessels,built in 1929,that have been refurbished twice already,and have reached the end of their functional life.

The new boats will have greater maneuverability and additional capacity including the ability to move freight.

Again, there is no scheduled start for the project and no funding for the new vessels.

Building a new ferry terminal in Mukilteo
This project moves and expands the Mukilteo Ferry terminal.The new terminal would have two-slips (the second slip permits the addition of a third vessel on the route)and transfer facilities for ferry connections with regional rail and bus carriers.It also would include passenger facilities,more parking,and an overhead loading structure that improves the efficiency of loading and unloading. Nearby highway improvements also would bemade.

The increased parking would relieve congestion on local streets
near the terminal and improve highway access.

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