Mainbrace
To read the full text of the articles in the March 2011 edition of Mainbrace, please download the attached pdf.
CMA Shipping 2011
By John D. Kimball
The theme of this year's Connecticut Maritime Association ("CMA") Shipping 2011 Conference "forward"— is laden with ambiguity. Given the current business climate, that is as it should be. Does "forward" reflect the fact that there was positive movement and profitability in the shipping industry in the past year? That certainly was the case for some segments of the industry. Or is "forward" only an aspiration, recognizing there is a long way to go before we will have a business climate which most would agree is good for shipping? ( View PDF to read the rest of this article.)
Effect of the National Commission's Recommendations and Final Report on the Deepwater Horizon Incident on the Offshore Industry
By Jonathan K. Waldron
As scheduled, the National Commission on the BP Deepwater Horizon oil spill submitted its report and recommendations to President Obama on January 11, 2011. The National Commission, co-chaired by former Florida Governor and Senator Bob Graham and former Administrator of the Environmental Protection Agency William K. Reilly, was tasked with providing recommendations on how we can prevent—and mitigate the impact of—any future spills that result from offshore drilling. ( View PDF to read the rest of this article.)
Recovery of Hedging Losses as Consequential Damages in New York Arbitration
By Thomas H. Belknap, Jr.
The scenario is common enough: an owner voyage-charters its bulk cargo vessel to a charterer to load a cargo of, say, wheat, for carriage from Point A to Point B. En route, the vessel suffers serious mechanical problems resulting in a long delay in the delivery of the cargo. The cargo is undamaged, but indexed market values for wheat drop substantially between the time the cargo was expected to be delivered and the date it was actually delivered. To complicate matters, the charterer, a sophisticated international grain trading company, claims that it entered certain futures contracts at the time it purchased the cargo in order to fully hedge against the risk of such market fluctuation; however, as a result of the delay, it suffered a further loss on the hedge positions because they matured before the cargo arrived. ( View PDF to read the rest of this article.)
Impact of Changes in Congress on the Maritime Industry
By Joan M. Bondareff and Duncan C. Smith
On January 5...
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