The Internal Revenue Service (the "IRS") has issued proposed regulations under section 863 of the Internal Revenue Code of 1986, as amended (the "Code"), providing new rules for determining the source of income from activities conducted in international waters for purposes of U.S. income taxation. These new regulations come shortly after the release last year of regulations under Section 883 of the Code that significantly affected the exemption from U.S. income tax of income from the international operation of a vessel owned by a non-U.S. corporation. While the new regulations also apply to space activities and similar new regulations apply to communication activities, the new rules may have the most significant impact on both U.S. persons engaged in shipping activities through a foreign corporation and foreign shipping companies currently doing business in the United States. The IRS is accepting written comments on the proposed regulations and there will be a public hearing that is currently scheduled for March 28, 2001, although we understand that, because of the interest generated by the proposed regulations, the IRS intends to delay the hearing until May. While U.S. citizens, resident aliens and domestic corporations are generally taxed by the United States on all of their worldwide income regardless of where such income is earned, the source of income remains important for such purposes as determining eligibility for the foreign tax credit
One of the world’s largest and most active shipping registers, The Liberian Registry, has called on shipping regulators to ensure the effective implementation of existing rules to protect human life, safety and the environment, rather than creating new rules and regulations instead. Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry, the U.S.-based manager of the Liberian Registry, said
Transport Canada has issued new regulations to modernize the certification system for Canadian seafarers and harmonize their working conditions with international labor standards. Source: HK Law
IMO’s Maritime Safety Committee (MSC) is scheduled to take place on May 10 through May 19. Long-range identification and tracking of ships on agenda. MSC will discuss the proposed adoption of new regulations on Long-Range Identification and Tracking (LRIT) of ships, when it meets at the Organization's London Headquarters for its 81st session. Other important issues on the MSC agenda include the adoption of other amendments to the SOLAS and STCW Conventions
The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) will conduct a public workshop March 15, 2011, in New Orleans to discuss new requirements for offshore oil and gas companies to develop and implement Safety and Environmental Management Systems (SEMS). The new regulation, 30 CFR 250, Subpart S, was published in the Federal Register on October 15, 2010, and takes effect on November 15, 2011.
Environmental Resource Center offers in-depth training on regulations for marine & air transportation of hazardous materials. Businesses that are involved in the sea or air transportation of hazardous materials can help their workers keep up with recent changes in new regulations that will impact their shipments through four seminars and webcasts from transportation consulting firm Environmental Resource Center
GTT technology has been chosen by STX France to equip PEGASIS, the new environmental vessel ordered by Brittany Ferries. GTT membrane technology has been selected by STX France to fit out PEGASIS (Power Efficient GAS Innovative Ship), the new environmental ferry propelled with LNG (Liquefied Natural Gas), ordered by Brittany Ferries. This innovative vessel will use GTT Mark III insulation system and will be built in Saint-Nazaire, in France
The American Association of Port Authorities commends Homeland Security Secretary Tom Ridge and the U.S. Coast Guard (USCG) on the release of regulations to secure America's ports from terrorist acts. These final regulations call for port facilities to conduct vulnerability assessments, develop security plans and implement enhanced security measures. Enhancing seaport security is a top priority for U.S. ports today. Public port agencies have invested millions of dollars to increase
Noble Drilling Corporation has formed a joint venture with Lime Rock Partners, and the joint venture has acquired Ocean Scotian, a North Sea jackup, for $32.7 million. Concurrent with the acquisition, the rig was renamed Noble Julie Robertson. Noble Drilling owns 50 percent of the joint venture, and will manage the upgrade, marketing and operation of the rig. Noble Drilling expects to upgrade the drilling systems and the crew accommodations in order to conform to the new regulations
SOLAS amendments and ISPS Code enter into force on 1 July 2004 Far-reaching international maritime security measures developed and adopted by IMO enter into force on 1 July 2004. The security measures, which include the International Ship and Port Facility Security Code (ISPS Code), are in the form of amendments to the 1974 Safety of Life at Sea (SOLAS) Convention and are aimed at enhancing maritime security on board ships and at ship/port interface areas
KVH Industries, Inc., acquired Videotel, a producer of high-quality training films and e-Learning services for the commercial maritime industry. Servicing over 11,000 vessels, Videotel is a market leader in the provision of maritime training services, offering video, animation
A provider of training films, computer-based training, and e-Learning courses now part of KVH’s end-to-end solution for vessel connectivity, content and content delivery KVH Industries, Inc., (KVHI) today announced that it has acquired Videotel
An attempt by the UK’s Chamber of Shipping last week to persuade the British government that the industry needed more time to comply with new sulphur emission limits entering force on 1 January next year received short shrift from the shipping minister
Wärtsilä has received an important service level recognition for its Wärtsilä Airguard and Wärtsilä Oceanguard propeller shaft sealing systems from Lloyd's Register. The recognition of Lloyd's Register, a marine classification society
At the 103rd International Labour Conference, the International Labour Organization (ILO) has, with a staggering majority, adopted new provisions on the protection of abandoned seafarers and seafarers who have been injured in occupational accidents, informs the Danish Maritime Authority (DMA).
The International Chamber of Shipping (ICS) – the principal global trade association for shipowners representing over 80% of the world merchant fleet – met in Limassol, Cyprus last week for its Annual General Meeting (AGM). The meeting was hosted by the Cyprus Shipping Chamber in
The FAL Directive under which European Member States are mandated to adopt a Maritime Single Window system is less than a year away; by June 1 2015 all shipping companies, operators and port authorities must be using the Single Window for reporting. To mark the occasion, Inlecom Systems Ltd
Deltamarin Ltd. and Oy Langh Ship Ab have come together to offer a cost effective and reliable solution to the sulphur requirements with the scrubber that Langh Ship has developed. The new scrubber is delivered by a joint venture company DeltaLangh Ltd
Energy exploration in the Arctic has been a hot topic in recent years and shows no signs of cooling down anytime soon. However, the United States appears stuck in neutral on the topic and those opposed to oil and natural gas exploration anywhere have used the Federal inaction to advance their
Last week, the IMO approved international regulations ensuring the weighing of containers before their carriage by sea. The provisions will increase safety, contribute to preventing accidents and prevent loss of containers over board.
The IMO has approved international regulations ensuring the weighing of containers before their carriage by sea informs the Danish Maritime Authority (DMA) . The provisions will increase safety, contribute to preventing accidents and prevent loss of containers over board.
Carnival Corporation CEO Arnold Donald announced that Carnival will significantly extend its installation of exhaust gas cleaning technology, investing $400m in the coming three years to install the technology on 70 ships across its brand, a significant jump from the 32 announced last year.
United Nations’ International Maritime Organization (IMO) has just approved global binding regulations intending to enhance safety of navigation in polar areas. This means, inter alia, new requirements for passenger ships. Following several years of intense negotiations
The Danish Maritime Authority (DMA) informs that the United Nations’ International Maritime Organization (IMO) has approved global binding regulations intending to enhance safety of navigation in polar areas. This means, inter alia, new requirements for passenger ships.
SEEMP can make a fleet more competitive in a difficult business environment while reducing its impact on the environment. In January 2013, the International Maritime Organization (IMO) put into force new regulations intended to improve the energy efficiency of ships over 400 gross tonnes (gt) on