Marine Money Week

Jones Act discussed at Marine Money

The Jones Act tanker Liberty. NASSCO photo.

The Jones Act remains a hot topic in the workboat industry.

Jovi Tenev, a partner in the maritime group at legal giant Holland & Knight, moderated a session on the subject Wednesday at the Marine Money Week conference in New York. At a high level, the Jones Act (which requires vessels that operate in the domestic trades be U.S. built, owned and crewed) presents “barriers to entry” and a limited capacity for newbuilds, said Pål Lothe Magnussen, president and CEO of American Shipping Company ASA,...

https://www.workboat.com/news/coastal-inland-waterways/jones-act-discussed-at-marine-money/

A show me mentality in the offshore service vessel market

On July 16, 2018, GulfMark entered into a definitive agreement with Tidewater to combine the two companies. David Krapf photo

The underlying day rate markets are improving, but the equities have not reacted. That was the take from offshore drilling and offshore service vessel chiefs at today’s opening session at the 32nd annual Marine Money Week in New York.

On the OSV panel, Tidewater President and CEO John Rynd and Seacor Marine Holdings President and CEO John Gellert talked about the “show me” mentality in the markets where investors need to see a real sustainable upturn in hires (for drilling rigs which leads to...

https://www.workboat.com/news/offshore/a-show-me-mentality-in-the-offshore-service-vessel-market/

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