TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 14, 2005

Giant wave hits cruise ship

A cruise liner managed by V Ships was heading for Sardinia today after being battered by a giant wave when in the Mediterranean some 60 miles south of Majorca en route to Barcelona from Tunis.

The wave, which hit at about 8.00 AM GMT, reportedly smashed the bridge windows of the VOYAGER and damaged the ship's electronics, temporarily knocking out communications and electronics, resulting in a temporary loss of engine power.

Distress messages were relayed via the gas carrier Gimmli, which had responded to the initial distress call from the cruise ship. French and Spanish aircraft and vessels were mobilized in response. However, after about four hours the ship's power was partially restored and it was able to proceed.

The Bahamas-registered ship, built in 2000, is owned by Horizon Navigation,which has the same Monaco office address as V Ships, and is operated by Spanish travel company Iberojet.

It is carring some 732 crew and passengers.

Recently, there has been growing evidence that giant waves can no longer be considered "freak," leading for calls for ships to designed more robustly.

SHOULD SHIPS BE DESIGNED TO WITHSTAND GIANT WAVES? See the Web Poll on our home page>

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