News

Wheelhouse Weekly – March 23, 2001

March 23rd 2001


THE MASTERS, MATES AND PILOTS’
WHEELHOUSE WEEKLY

Bridging the Information Gap With E-News You Can Use

Volume 5. . . . . Number 12. . . March 23, 2001

STORIES COVERED

ALSO



UNION REP TRAINING NEXT WEEK AT MM&P HQ

Next week, MM&P elected officials and Union Representatives from all MM&P membership groups, and Headquarters, Plans, MIRAID and MITAGS staff will come together at MM&P HQ for an intensive two day training session. The training is being performed to better serve the interests of all MM&P members.

Among the topics that will be covered are: labor, employment and contract law; grievance processing; the role of the National Labor Relations Board; Coast Guard and maritime issues, laws and
regulations; the MM&P Health and Benefit Plans; and legislative issues in the Nation’s Capital. There will also be a focus on office operations and collective bargaining among the additional topics presented.

Following the conclusion of the training session on March 28, the Offshore Advisory Committee will convene. This meeting will be followed on March 29 by a General Executive Board meeting.

All MM&P port offices, MM&P Headquarters, MITAGS, MIRAID and Plans will remain open for business during this time.

MM&P Wheelhouse Weekly


HOLT GROUP, INCLUDING NPR-NAVIERAS, FILES FOR CHAPTER 11

Holt Group and 24 of its subsidiaries, including MM&P-contracted Puerto Rico carrier NPR-Navieras, filed Wednesday for protection from creditors under Chapter 11 of the US bankruptcy code. Chapter 11 allows a debtor to continue to operate while it formulates a reorganization plan.

According to an article in Thursday’s Journal of Commerce, Holt told the Securities and Exchange Commission it had “reached a general agreement” with bondholders on a restructuring of $140 million in debt, and filed for Chapter 11 protection “to implement that general agreement.” Holt indicated that the filing was part of a plan to transform the debt into equity and “provide for the long-term success of the company.”

Holt said it is in final discussions with its existing senior bank lenders for $72.5 million in financing, which would include $10 million in working capital. Holt also told the SEC that the Holt family “will be contributing significant additional capital to the enterprise,” but provided no specifics.

Holt, a family-owned transportation conglomerate based in Gloucester City, NJ, has been struggling with heavy debt incurred in its 1997 purchase of Navieras, which operates between the US mainland and Puerto Rico. In January Holt failed to make a payment on its $140 million bond debt.

Holt’s interests besides NPR-Navieras include trucking, warehousing and stevedoring operations. The company said its businesses will continue to operate normally during the Chapter 11 reorganization. William Streich, Holt’s chief financial officer, said the company expects to emerge from Chapter 11 protection this summer.

MM&P International President Capt. Tim Brown has been kept informed of these breaking developments by top officials of the company and has been given assurances that not only will NPR-Navieras continue to operate, it will be able to do so on a much more stable financial and competitive footing once it emerges from Chapter 11 proceedings.

Look for further info on the NPR filing in future editions of the Wheelhouse Weekly as it becomes available. The latest press releases from the company regarding its Chapter 11 proceedings can be found under “News Updates” on their website at http://www.navieras.com.

MM&P Wheelhouse Weekly


APL PARENT NOL POSTS RECORD RESULTS, PLANS FLEET EXPANSION

Last week, Neptune Orient Lines, the parent of MM&P-contracted APL Ltd., said it would increase the size of its fleet by about a third over the next two years.

The announcement came as NOL reported record profit of $178 million in 2000, up from $94 million in 1999. The 2000 results are all the more impressive considering that the 1999 results included a $66 million, nonrecurring profit, largely from the sale of APL’s double-stack train operations in the US.

Flemming Jacobs, NOL’s chief executive, told the Journal of Commerce that the results showed the company had regained health, allowing management to build on its strong container transportation business and focus on growth in its logistics business. “These are the best results we have ever had,” he said.

Jacobs said the company benefited from better rates and volumes in both its liner and tanker businesses, but added that “focus on cost management and operational excellence across the group are making a sustained and significant impact.” The carrier said the good results last year came despite an average fuel price increase of 67 percent and higher interest rates.

NOL had revenue of $4.7 billion, up 9 percent over 1999. APL’s liner business accounted for 81 percent of that total, logistics 10 percent and chartering and enterprise activities 9 percent. The company’s container lifts increased 10 percent to 1.4 million TEUs. Volume increased to 654,000 FEUs in the Americas region, 429,000 FEUs in Asia and 283,000 FEUs in Europe.

MM&P Wheelhouse Weekly


MARINE PREDICTION CENTER REQUESTS YOUR ASSISTANCE

If any MM&P member was onboard a vessel in the vicinity of the western North Atlantic between March 2-4, and was in receipt of the Marine Prediction Center’s (MPC) High Seas text bulletins, graphical analyses and forecast charts, the MPC would appreciate hearing from you. In order to help justify its mission, the MPC is urgently looking for ships that directly benefited from MPCs warning and forecasts prior to this time period.

The Center needs to know if important and timely decisions were made on the bridge to avoid the worst of the weather. From available ship data reported during this time frame, it appears there were few ships in the vicinity of this storm. Please respond ASAP and provide details, if possible, if your vessel directly benefited form MPC’s warning and forecast service. Please Email your responses to: lchesneau@ncep.noaa.gov.

MM&P Wheelhouse Weekly


NEW 2001 RADIO NAVIGATIONAL AIDS PUBLICATION REPLACES 1997 EDITION

The National Imagery And Mapping Agency (NIMA) has recently published the 2001 edition of radio navigational aids, Publication 117. This publication is an essential part of a vessel’s required charts and nautical publications, and replaces the 1997 edition. The Maritime Administration urges all Masters to carry this publication aboard their ships.

An incentive for all ship operators to have the new edition of Pub. 117 on board their vessels is the IMO concurrence that Pub. 117 should be accepted for carriage to meet the requirements of SOLAS regulation v/20 in lieu of the “GMDSS Master Plan”.

In addition, updated info and guidance is provided on distress and emergency procedures at sea including: (1) Anti-Shipping Activity Message (ASAM) Reporting, (2) Ship Hostile Action Report (SHAR), (3) anti-piracy measures, and (4) requests for US Navy assistance in emergency situations by listing US Navy and USCG command centers and communications stations showing ocean area covered with accompanying telephone numbers.

All NIMA navigational publications offered for sale may be ordered online, by phone or fax, or through the mail. Orders can be placed on the encryption-protected US government online bookstore at: http://bookstore.gpo.gov; by voice: 202-512-1800 (from 0730 until 1630 EST, Mon-Fri.); fax: 202-512-2250, (24/7), or by US mail.

Send mail orders and payment to: Superintendent Of Documents, PO Box 371954, Pittsburgh, PA 15250-1954. Publication 117 is priced at $39 and includes a CD-Rom. Standard shipping charges for domestic shipping are already included in the sale price.

MM&P Wheelhouse Weekly


MITAGS ACADEMIC NOTES

Openings in classes through the end of June follow:

  • 4/2-6: MSC-COMMS
  • 4/9-13: COMP-MAR, FF-ADV
  • 4/16-19: SMA
  • 4/16-20: FRB
  • 4/21-22: MSC-DC
  • 4/23-27: BST
  • 4/30-5/2: SHS-EMR-3
  • 4/30-5/4: ARPA, BST
  • 5/7-11: FF-ADV, BST, SHS-INT I
  • 5/14-18: TPIC, EINS, SHS-INT II
  • 5/14-17: SMA
  • 5/14-25: GMDSS
  • 5/21-25: BRM-3, DCS, FF-ADV, BST
  • 6/4-8: ARPA, BRM-3, WX-HWA, BST
  • 6/11-15: COMP-MAR
  • 6/11-14: SMA
  • 6/18-22: BST, COMP-NET, FF-ADV
  • 6/25-29: ARPA, BST
MSC Classes

The Strategic Sealift Communications Course will be held at MITAGS April 2-6. The next Damage Control class at MITAGS will be weekend of April 21-22. With Small Arms beginning on April 16, this is an opportunity to get Small Arms and Damage Control back to back. To sign-up for MSC courses contact Mike Wein at (443) 989-3238 or Email mwein@mitags.org.

Original License Program

The 10-week program, which unfortunately had to be canceled in January, generated a high level of interest. A shorter “test” program, linked to the standard MITAGS LAP course, will be run this spring. Upon completion of the program at the end of May, an evaluation will be conducted and a decision made on how to proceed. Decision should be announced about June 1st. The slots available for the “test” program have been filled.

Schedule through Dec. 2001 is being maintained on the website. Hard copy schedule updates are also provided to the halls. Check the MITAGS website at: www.mitags.org for up-to-date info. For additional course info, contact Mary Matlock at voice: 443-989-3226 or Email: admissions@mitags.org.

MM&P Wheelhouse Weekly


PNMI ACADEMIC NOTES

The Pacific Northwest Maritime Institute has updated their blind pilotage labaratory. Students are now placed in a blind pilotage environment utilizing four seperate ownships each with the Navisailor 2400 ECDIS and ARPA Display. The school currently utilizes the Furuno 2110, Furuno 2800, Raytheon Mk34, Sperry Rascar, and the Decca Bridgemaster Arpa Displays.

Course openings are as follows:

  • ARPA: 3/26-30 and 4/23-27
  • GMDSS: 4/2-13
  • BRM: 4/9-11 and 4/23-25
  • ECDIS: 4/30-5/4
    • (Note: Currently the ECDIS course satisfies the EINS Requirements.)

For more info on their new ECDIS Course or the PNMI, please visit their website at http://www.stcw95.com.

MM&P Wheelhouse Weekly


MM&P MARKET WATCH AS OF 3-22 CLOSE

 D O W

 N A S D A Q

 9,389.48

-641.80 for the week 

 1,897.70

 -43.01 for the week 

 Vanguard 500 Index Fund

 103.12

-5.46 for the week

 Vanguard Extended Market Index Fund 

21.88

-1.13 for the week

 Vanguard International Growth Fund

 15.76

-1.22  for the week

 Vanguard Morgan Growth Fund

 14.27

-0.76 for the week

 Vanguard Windsor II Fund

 25.00

-1.42 for the week

 Vanguard GNMA Fund

10.40 

+0.03 for the week

 Chase Growth Fund (CHASX)

14.64 

-0.68  for the week

 Fidelity Asset Manager (FASMX)

15.38

-0.43 for the week

 Fidelity Growth and Income (FGRIX)

 35.78

-1.68 for the week

Fidelity Magellan Fund (FAGX)

 100.48

-5.28 for the week

 Spartan US Equity Index Fund (FUSEX)

  39.62

 -1.98  for the week

MM&P Wheelhouse Weekly


The MM&P Wheelhouse Weekly is the official electronic newsletter of the International Organization of Masters, Mates, and Pilots, ILA, AFL-CIO, 700 Maritime Blvd., Linthicum Heights, MD 21090-1941. Phone: 410-850-8700; Fax: 410-850-0973; Email: iommp@bridgedeck.org. For further info contact John Peige at jpeige@bridgedeck.org. The Wheelhouse Weekly is sent via Email to MM&P-contracted vessels at sea, broadcast worldwide via FEC marine telex andis posted on our web page under “News” at: http://www.bridgedeck.org.

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