Page 20: of Maritime Reporter Magazine (September 1997)

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The ISM Code has been tout- ed one of the most important mea- sures to be adopted by IMO during the last few years because it is designed to ensure that shipown- ers make safety a priority.

However, some shipowners have objected with complaints of over- regulation, and it has become clear that only a small percentage of shipowners currently comply with the ISM Code and has been specu- lation that some companies will miss the July 1 deadline. "There has been some talk recently about the difficulties sec- tions of the industry are likely to encounter if they fail to meet the deadline and the possibility of extending it," O'Neil said. "But those who do so are simply wasting time. Instead of hoping for an extension, which will not be grant- ed, they should take steps immedi- ately to ensure that they comply with ISM requirements. If they start at once they can still meet the deadline."

He added, "Many parties to

SOLAS have made it clear that

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Financials, Material, and More. they intend to enforce the Code and shipping companies that fail t meet the target date could there fore find their ships being bannei from many ports."

Sun Expects Savings In

Move From Maritime

Sun Transport expects savings equaling $30 million from the dis- posal of its remaining shipping fleet to Maritrans. "We expect to see some savings from getting out of the maritime business and instead buying in those specialist services," a Sun spokesman said. "What we need is for our petroleum products to be moved. We do not need to be the mover."

Maritrans will acquire the 34,000-dwt petroleum product tankers Philadelphia Sun and

New York Sun and two tug/oil products barge combinations. Sunl said it had agreed long-term con-J tracts for the future operation of the assets being sold. The two J tug/barge combinations will con- tinue to operate between Sun'sl

Puerto Rico refinery and otherj parts of the island.

In June, Sun Transport sold itsl 3,550-dwt tanker Eastern Sun tol

John W. Stone, and four tug/bargel combinations to LeeVac Corp.]

Terms for either deal were not dis- closed.

Cruise Ship Aida Sold

Norway's NCL Holding ASA has I entered into a purchase and char- ter-back agreement for the 1,186-1 berth cruise ship Aida.

The company entered into anl agreement to buy the ship for $1801 million from Deutsche Seetouristik

GmbH, and charter it back to the

German company for $27 million | for a year.

The charter will start froml

October 24, the planned delivery j date.

NCL said the purchase is linked | to a currency clause that could I allow for the gross price to be| reduced by $2.9 million.

The purchase is part of NCL's| overall plan, as it intends to form a cooperation agreement with I

Arkona Reisen, a travel company linked to Deutsche Seetouristik.

The German cruise company con- trols a second cruise vessel, |

Arkona.

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