International Shipping News & Insights for Profitable Shipping - 31 July 2010
NewsMarketsMagazinesArchiveFree TrialAdvertiseMaritime Information CentreContactRSS
You are not logged in Login

Daily Fairplay News 12 Aug 2009

Who’s watching NY’s watchdogs?

ON THE waterfront in New York, a scathing report has accused a watchdog agency of itself being rife with corruption.

A report followed a two-year state investigation of the city agency responsible for monitoring port criminality, the Waterfront Commission of New York Harbor.

The scathing, 60-page report by the state inspector general’s office accused top management at the panel of negligence and malfeasance ranging from “lackluster oversight of shipping companies to conflicts of interest and abrogation of legal responsibilities undermining the very purpose of the commission”.

Commissioners Michael Axelrod of New York and Michael Madonna of New Jersey and executive director Thomas De Maria were the main targets of the investigation.

They were also accused of improper hiring of workers and misuse of Department of Homeland Security federal grants.

The report noted “fundamental problems” with the commission’s system of licensing stevedoring companies and found that audits of licensing compliance 14 years behind schedule.

The director of audits conducted a private tax preparation business out of his office, the study found. Axelrod’s term expired and De Maria resigned while the inquiry took place, while Madonna was fired on 5 August.
Russia hunts missing Arctic Sea
RUSSIA today dispatched four naval vessels to hunt for the missing cargo ship Arctic Sea. ...Full Story
IEA sees China upside
THE IEA increased its oil demand forecast today, almost entirely in reaction to the rebounding thirst of China. ...Full Story
Delhi, Seoul sign trade accord
INDIA’S trade with South Korea could double under an economic partnership agreement, IHS Global Insight reported today. ...Full Story
Slump catches Danske Bank
DENMARK’S largest bank Danske Bank is feeling the squeeze alongside shipping, posting net losses of 828M Danish kroner ($157.8M) for Q209. ...Full Story
Elbe deepening back in limbo
DEEPENING plans for the Elbe were cast back into limbo today. ...Full Story
Russians stranded in Hull
A RUSSIAN crew of 22 seamen have been stranded in Hull, after their shipowner went into liquidation, says ITF inspector Bill Anderson ...Full Story
Gazprom in Wadan yards talks
RUSSIA'S Gazprom was reported today to be preparing to buy the bankrupt Wadan Group shipyards in Wismar and Rostock. ...Full Story
Recovery for smaller box ships?
CONTAINER and drybulk carrier Euroseas believes the bottom has been reached for low-volume box ships. ...Full Story
Paragon cites market timing
PAGAGON Shipping upped its charter coverage, sold its oldest bulker and obtained a healthier loan-to-value ratio during its second quarter. ...Full Story
Surveyor adds to ferry uproar
A SURVEYOR checking the ferry Princess Ashika before its departure said today he did not have a chance to finish his report – but knew the vessel was unseaworthy. ...Full Story
Deep Sea focuses on charters
NORWAY’S Deep Sea Supply today posted results indicating a 7% increase in revenues on the first six months of last year. ...Full Story
Pacific Basin profits by $75M
PACIFIC Basin Shipping of Hong Kong recorded profits of $75M for the six months to the end of June, against $338M a year ago. ...Full Story
Sinotrans net profits fall 66%
SINOTRANS Shipping, one of China’s largest drybulk companies, has turned in half-year net profits of $64M, down from $190M in the year-ago period. ...Full Story
Sanuki seeks bankruptcy shield
SANUKI Shipbuilding & Iron Works has become the latest recession casualty. ...Full Story