Page 10: of Maritime Reporter Magazine (October 2005)

10 Maritime Reporter & Engineering News of Experts that evaluated the conse- quences of accelerated phase-out after the Prestige accident, and have been adjusted for sales for decommissioning and conversion, as well as on the basis of information received from brokers and owners.

It should be noted, however, that whereas the phase-out period is until 2015 (including any flag state (and port state) extensions), the orderbook for 2008 and beyond has still to be filled and is therefore an unknown quantity.

There is still uncertainty over whether there will actually be a market for sin- gle-hull tankers that have been extended by their flag state to trade between 2010 and 2015 until they are 25 years old.

Some 10 million dwt of the tanker fleet below 80,000 dwt (or 35 percent of the fleet) would be due to be phased out this year if the rest of the world took the same stance as the EU countries and barred single-hull trading after 2010, however, a number of countries have already declared that further trading is possible.

Crowley to Acquire Titan

Maritime

Crowley Maritime Corporation

Chairman, President and CEO Tom

Crowley Jr. announced at the

International Salvage Union's annual dinner that Crowley has reached agree- ment with the owners of Titan Maritime,

LLC to acquire the company. The deal is expected to close within the next 30 days.

Crowley made the announcement to an audience of about 60 salvors from around the world who had gathered for dinner at the Columbia Tower Club in

Seattle as part of the weeklong

International Salvage Union's annual conference. He said additional details would be provided after the closing.

Titan, founded in 1980 by David

Parrot, is a worldwide salvage company that is headquartered in Ft. Lauderdale,

Fla., with offices in Newhaven, UK and

Sao Paulo, Brazil and equipment depots in Batam, Indonesia and Dubai, UAE.

Over the past 25 years, Titan has per- formed more than 200 salvage and wreck removal projects worldwide.

CP Ships Focuses on U.S.

CP Ships last month re-flagged the 3,200 teu CP Yucatan to U.S. flag and changed its name to CP Yosemite in recognition of the ship's enrollment in the U.S. government's new Maritime

Security Program which came into effect October 1, 2005 and under which

CP Ships is expanding its participation.

CP Ships also opened a new office in

Washington, D.C. CP Yosemite is one of five vessels operating on the

TransAtlantic which CP Ships is com- mitting to MSP and which will be named after U.S. national parks. The remaining four ships will be renamed

CP Everglades, CP Denali, CP

Shenandoah and CP Yellowstone. CP

Ships' new MSP contract represents an increase over its previous three-ship

MSP participation. Under the new con- tract, government subsidy of $145 mil- lion is provided over the next 10 years to offset the cost of operating five ships under U.S. flag. MSP was created to ensure that in times of war or national emergency the Department of Defense has ready access to a fleet of modern and efficient US-flag ships like CP

Yosemite.

News

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