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!

DD(X) Acquisition
What's your opinion of the proposal to award the DD(X) destoyer program to just one yard?

It makes sense for the taxpayer
the taxpayer would be over a barrel


March 20, 2005

Danish tug order for Canadian yard

Danish owner Stevn, part of the Nordane Group, has ordered two Z-drive multifunction, ice class tugs from Irving Shipbuilding's East Isle Shipyards, Georgetown, Prince Edward Island.

The order is worth Canadian $19 million. The tugs are expected to take a year and two months to complete and construction will begin immediately.

The project will receive support from Prince Edward Island in the form of a $3.5 million repayable loan from Island Investment Development, Inc. It may also receive support from the Canadian federal shipbuilding Structured Financing Facility, which has received applications for $1.425 million support for each vessel, one from Partrederiet Stevns Bugser and the other from Partrederiet Stevns Multi-Ship II.

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