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Bureau Veritas publishes Current and Tidal Turbines guidelines
International
classification society and certification group Bureau Veritas has published a
set of guidelines, NI 603, intended to help the development of current and
tidal turbines. The guidelines are backed by a separate guide to certification
for marine renewable energy devices including tidal turbines, wave energy converters and ocean thermal
energy conversion.
Philippe Donche-Gay, Executive Vice-President and Head of the Marine
& Offshore Division of Bureau Veritas says, “Marine renewable energy offers
promising sources of clean energy. Emerging technologies that generate
electricity by harnessing the power of tidal streams, waves and temperature gradients,
are moving from research phase to commercial use. We think that over the next
five to ten years, the number of tidal turbines in particular is set to
multiply. There is a clear need for standards and certification in this
fast-developing field.”
To ensure the commercial viability of their projects, designers and
operators involved in marine energy must be able to demonstrate their
technologies are safe and offer high quality and reliability. This can be
complex in an emerging sector with no real track record, and where
international standards are still under development. Bureau Veritas, as an
established certification body with extensive experience in renewable energy
and marine and offshore energy issues leads the industry with these guidance notes
setting standards specific to current and tidal turbines and guidelines on
certification for them.
NI 603 Current
and Tidal Turbines sets down guidelines applicable to current and tidal turbines which are installed
on the seabed and which produce electricity from tidal power, underwater
current power or estuary water power. They cover the materials and loads for
the support structure, including foundations and turbine and also the
requirements for the electrical installation. There are sections on life-cycle
considerations, manufacturing, installation, commissioning, maintenance and
decommissioning.
The Marine Renewable Energy Guide to Certification
sets out how developers in these emerging fields can approach certification of
their units and prototypes.
Bureau Veritas is a
world leader in laboratory testing, inspection and certification services.
Created in 1828, the Group has more than 66,000 employees in around 1,400
offices and laboratories located all across the globe. Bureau Veritas helps its
clients to improve their performance by offering services and innovative
solutions in order to ensure that their assets, products, infrastructure and
processes meet standards and regulations in terms of quality, health and
safety, environmental protection and social responsibility. Bureau Veritas is
listed on Euronext Paris and belongs to the Next 20 index. Compartment A, ISIN
code FR 0006174348, stock symbol: BVI.
For more information:
Stephane Le Diraison
Product Manager Marine
Renewable Energy
+33 (0)1 55 24 74 23
Philippe Boisson
Marine & Offshore Communication
Director
Bureau Veritas
+33 (0)1 55 24 71
98
Labels: certification, classification society, marine energy, turbines
RINA launches major ferry safety initiative
Italy-based
classification society RINA has launched a major ferry safety initiative.
The
Asset Integrity Management scheme for ro-pax ferries covers fire risk
mitigation, single-failure risk assessment, enhanced planned maintenance and
condition-based monitoring and also food and bacteriological risk management. The
initiative also covers specific training for ro-pax crews, including
behavioural training to avoid and manage crises,
Paolo
Moretti, General Manager Marine, RINA Services, says, “With over 300 ferries in
our class we are the world leaders in ro-pax ferry safety. That gives us two
things. One is a lot of experience and feedback from vessels in service, the
other is a sense of responsibility. We feel that as the class of choice for
these types of vessel we should show a lead in safety standards which go beyond
regulatory basics.”
RINA’s
package of initiatives builds on its recent work with major cruise and ferry
operators to extend tailored risk management services to the marine industry.
Moretti
says, “Our experience shows that operation and maintenance of these vessels
merit particular attention. Extending targeted risk-management to ro-pax
operation will bring benefits for operators and in overall safety.”
Specific
parts of the ro-pax package are a fire risk identification and mitigation
service, a series of training courses for crews and shore staff which focus on teamwork
and behaviour in a crisis and a service to identify and mitigate the risk of
any single failure impacting the ship and its operations severely. There is
also a focus on condition-based monitoring and enhanced and targeted planned
maintenance and a bacteriological risk assessment and mitigation service. All
of the components are brought together under one Best Management scheme to
monitor and follow up the component parts in operation.
The
first company to use the new package is Grimaldi Lines which will implement the
measures on the 22.5 knot 954-passenger ro-ro pax vessel Florencia.
The
package builds on work done last year with major passenger fleet operators
including Carnival, MSC Cruises and Moby Lines to
extend an approach to operations and maintenance based on risk-prevention,
assessment and management.
“What
we are doing is bringing the disciplines used in offshore industry into
passenger ship operations,” explains Moretti. “It began with a hot spot
analysis service and we have extended that to a Single Point of Failure
standard approach. The scope of this
analysis is to assess the risk associated with a single failure of particular
equipment or systems which may have severe consequences on the ship’s service
and operation and to identify the most appropriate mitigating measures to be
implemented. The analysis evaluates the ship’s system availability in the case
of any single failure.”
The
systems to be analysed, which can include propulsion and safety systems,
navigation systems, sanitation and hotel services, the consequences to be
considered for the people on board and the definition of likelihood are all
decided in cooperation with the customers depending on their objectives.
“We
think of this as a Marine Asset Integrity System, and that was the platform for
developing a specific package for ro-pax ferries,” says Moretti. “As it goes
beyond prescriptive requirements it can be tailored to the individual
circumstances, ships and routes of each operator. Our experience helps them to
focus on the things that might go wrong and the consequences if they do, and
then our risk management services help to find ways to limit the likelihood of those
critical issues going wrong. It means taking a long hard look at how big
complex systems like ro-pax and other passenger ships work. It covers not just
machinery and systems and operations but issues such as bacteriological risk,
which is a big concern for passenger ships. Simple in principle, very complex
in practice and requiring both experience and specific skills.”
RINA
is the global classification leader for passenger ferries and joint leader in
the combined cruise and ferry market globally.
or e mail john@merlinco.com for a photo and for brochures detailing
the new services.
RINA Services S.p.A. is the RINA group company active in
classification, certification, inspection and testing services. RINA is a
multi-national Group which delivers verification, certification, conformity
assessment, marine classification, environmental enhancement, product testing,
site and vendor supervision, training and engineering consultancy across a wide
range of industries and services. RINA operates through a network of companies
covering Marine, Energy, Infrastructures & Construction, Transport &
Logistics, Food & Agriculture, Environment & Sustainability, Finance
& Public Institutions and Business Governance. With a turnover of over 330
million Euros in 2014, over 2,750 employees, and 163 offices in 60 countries
worldwide, RINA is recognized as an authoritative member of key international
organizations and an important contributor to the development of new
legislative standards. www.rina.org
VISIT
RINA AT NOR-SHIPPING STAND No D04-34
Contacts:
Giulia Faravelli
Media Relations Manager RINA
+39 010 5385505
Victoria Silvestri
Media Relations RINA
+39 010 5385555
Labels: classification, ferry, fire safety, passenger ferry, ro-pax, ro-ro, safety
D’Appolonia expands civil engineering capability
D’Appolonia, the
engineering consulting company of Italy’s RINA Group, has strengthened its
civil engineering capability by acquiring Milan-based civil engineering
consultancy SC Sembenelli Consulting. The move brings to the group global
expertise in major civil engineering projects with particular experience in dams
and hydropower, civil and hydraulic infrastructures.
Roberto Carpaneto,
CEO, D’Appolonia, says, “Sembenelli brings us a strong brand name and key
technical skills which complement our geo-technical and earthworks expertise.
They widen our ability to support major projects such as port and dam construction
and development. Sembenelli also fits well with our environmental focus as they
are involved in major sustainable regional developments around the world.”
Piero Sembenelli,
founder of SC Sembenelli, says, “We are a small company with a big brain. We
have been sought after for major projects because of our innovative approaches,
our ability to think outside traditional solutions and the quality of our
approach. Together with D’Appolonia we can deliver expertise to civil
engineering projects on a very large scale.”
Founded in 1983 Sembenelli
has been involved in over 250 projects in 40 countries. It was a pioneer in the
use of geo-synthetics. Sembenelli designed the temporary works and the
excavations for the Panama Canal Third Set of Locks Project, designed part of
the Three Gorges Dam on the Yangtze River in China and has performed geo-technical
studies for the Riyadh Metro. In Italy it designed four major dams for the
River Po which could produce a significant part of the national power output and
worked on major motorway projects. It is currently developing part of the
detailed design of the Brenner Basis Tunnel.
Says Carpaneto, “In
addition to the civil engineering capability Sembenelli gives us the
opportunity to consolidate our presence in growing markets such as Africa where
it has worked on hydro-electric plants in Rwanda and major dams in Nigeria,
Algeria and Egypt for example.”
D’Appolonia S.p.A provides integrated engineering
services to the public and private markets in the areas of the environment, oil
and gas, infrastructure and transport, electronics and telecommunications.
D’Appolonia is part of the RINA Group, a leading international classification,
verification and certification provider.
RINA is a multi-national Group which delivers
verification, certification, conformity assessment, marine classification,
environmental enhancement, product testing, site and vendor supervision,
training and engineering consultancy across a wide range of industries and
services. RINA operates through a network of companies covering Marine, Energy,
Infrastructures & Construction, Transport & Logistics, Food &
Agriculture, Environment & Sustainability, Finance & Public
Institutions and Business Governance. With a turnover of over 330 million Euros
in 2014, over 2,750 employees, and 163 offices in 60 countries worldwide, RINA
is recognized as an authoritative member of key international organizations and
an important contributor to the development of new legislative standards. www.rina.org
For more information:
Giulia
Faravelli
Media
Relations Manager RINA
+39
010 5385505
Victoria
Silvestri
Media Relations RINA
+39 010 5385555
Labels: civil engineering, dams, hydropower, port construction
Naval architects count the cost of ship design errors
| International Transport Intermediaries Club
(ITIC) says recent claims experience demonstrates that naval architects need
to be aware of the need to protect against their exposure to liability for
damages resulting from errors in design work.
ITIC
cites by way of example a case involving the operator of a passenger and
ro-ro ferry service which appointed a naval architect to design a landing
craft ferry. The design was to be based on that of an existing vessel
operated by the company. Prior to beginning the design work, the parties
entered into a design agreement under which the naval architect’s liability
was limited to approximately $750,000.
Shortly
after the vessel was launched, the operator noticed various issues relating
to its performance, including vibration, lack of manoeuvrability and stopping
capability. The vehicle loading ramp was also at an excessive angle in
certain conditions, making the loading of vehicles difficult and, in some
cases, impossible. The operators took the view that urgent rectification work
was required so that improvements could be made before the approaching summer
season.
The
vessel was drydocked and third-party experts were engaged to provide a report
detailing the extent of the problems and their potential causes. Based on the
findings of the report, the operators brought a claim for $3.5m against the
naval architect, alleging that the performance issues were attributable to design
errors. The operators subsequently acknowledged that the naval architect’s
liability was limited to $750,000.
ITIC
appointed an expert naval architect to inspect the vessel and comment on the
extent to which the apparent performance issues could be attributed to design
errors. The expert found that the naval architect was at fault, but that the
claimant had incurred significantly more costly and extensive rectification
work than was necessary. ITIC entered into negotiations with the operators in
order to resolve the matter, and the claim was settled for slightly less than
the limit of liability under the contract.
In
another case reported by ITIC, a naval architect entered into a contract with
a shipyard to design the structure and access arrangements for new lifeboats
and their davits to be fitted to a specific vessel. The naval architect
undertook the design analysis, using data received from the manufacturer of
the lifeboats, and produced design drawings.
It
was understood that the yard was to seek classification society approval of
these designs before starting the build work under the terms of the yard’s
contract with the shipowner. However, due to time restraints and pressure from
the shipowner, the yard decided to start building prior to obtaining class approval.
The
lifeboat support structure was manufactured and installed by the yard
according to the naval architect’s design. The yard subsequently noticed that
the davits were flexing under operation, even without the lifeboats. An
internal investigation within the naval architect’s office determined that an
error had occurred whereby information provided by the lifeboat manufacturer had
not been converted correctly by the naval architect’s computer program, with
the result that the calculations were out by a factor of 1000. This error was
not identified during the naval architect’s quality assurance process and, as
a result, the structural platform, as designed and built, was not fit for
purpose.
The
yard raised a formal complaint advising the naval architect that the work on
the davit support structure had to be rectified because of the error. A few
months later it claimed that rectification had cost £347,254. ITIC assessed
the claim and was also able to raise arguments that the contract terms excluded
some components of the claim and that the yard should not have started construction
before the classification society had approved the designs. A settlement was
eventually agreed at £255,000.
|
ITIC is managed by Thomas Miller. More details about the club and
the services it offers can be found on ITIC’s website at www.itic-insure.com
For more information:
Charlotte Kirk
ITIC
Tel. +44 (0)20 7338 0150
Fax. +44 (0)20 7338 0151
Labels: claims, class approval, davits, ITIC, landing craft ferry, liability insurance, lifeboats, naval architects, vibration
Energy and marine propel RINA international growth
Expanding
international testing, inspection, certification and consulting engineering
group RINA has grown strongly during 2014, propelled by an upturn in marine, acquisition
in the energy sector and international diversification. Turnover for 2014 grew
13 per cent to Euro 333 million. EBITDA (adjusted) grew to Euro 37.7m.
Ugo Salerno, Chairman and CEO of RINA S.p.A., says,
“2014 was an important year for RINA. We were not only able to seize
opportunities for new business around the world such as major development projects
in Egypt and Turkmenistan, but we were also able to take advantage of signs of recovery in
shipping and opportunities in energy. We now look forward with optimism because
our spirit of innovation, our deep research and strong competences give us a
platform for success. The hard work of our people, their talent for constantly
reinventing themselves to meet the market needs and their ability to cross
frontiers and feel at home everywhere underpin RINA’s development.”
Results for
RINA’s Energy business line stood out in 2014, growing 23 per cent thanks to
the consolidation of the acquisition of materials specialist CSM (Centro
Sviluppo Materiali) and outstanding growth in countries such as Indonesia and
Brazil.
Floating offshore units have a specific focus within
RINA. They include offshore support vessels, mobile drilling rigs, offshore
field construction units, oil and gas import and export offshore terminals and
floating production and storage units. Class and class related specialist
services to this sector grew throughout 2014, totalling at the year’s end about
1.45m GT and 320 units in operation or ongoing new building and conversion
projects.
The Marine
business grew 5 per cent. RINA Services, the group company which delivers ship classification
and certification ended the year with a classed fleet of 5,166 vessels
totalling 34m GT and with an order book for 680 vessels totalling 4.6m GT. RINA
also confirmed its place as the global leader in classification of passenger
ro-ro ferries and ro-ro vessels in general and as a major player in the cruise
ship sector, whether measured by classed fleet or new order book.
New orders in 2014 included two mega cruise ships for MSC Cruises. The
5,300-passenger vessels will be built by Fincantieri and will include
innovative open spaces and very high environmental performance. RINA Services
is also classing a significant jumboisation project for MSC Cruises, the
Renaissance Project. Also in the cruise sector Seabourn Cruise Line ordered two
604-passengers luxury cruise vessels to RINA class at Fincantieri and RINA
class was chosen for two similar vessels to be built for Silversea Cruises.
RINA also
focussed on providing value-added services to shipowners, always aiming to
reduce costs, reduce risks and improve fleet availability. The strong service
ethic of RINA’s global network led shipowners to move 400 ships totalling 2.6m GT
to RINA class during 2014.
Within the
rest of the group, Business Assurance grew 3.5 per cent and Transport and Infrastructures
grew 20 per cent and for the first time were able to compete in major projects
outside Italy. Food testing and certification grew 13 per cent with Agroqualità,
RINA’s food company, becoming the leader in South Italy and the second largest
nationally.
RINA’s
consulting engineering company D’Appolonia grew 7 per cent thanks to diversification and international growth in
areas such as the Mozambique,
India, Uruguay, USA.
RINA’s group strategy
of growth through targeted acquisition continued with the acquisition of
material specialist CSM, Tunisian food laboratory Lab21, Brazilian certification
company Bracert and marine survey company Hayes Stuart in Canada. This
international growth was underpinned by the capital investment of Intesa
Sanpaolo and Vei Capital who together provided Euro 25m in capital and put at the
disposal of the group a further Euro 75m to fund the international growth plan.
RINA is a multi-national group which delivers
verification, certification, conformity assessment, marine classification,
environmental enhancement, product testing, site and vendor supervision,
training and engineering consultancy across a wide range of industries and
services. RINA operates through a network of companies covering Marine, Energy,
Infrastructures & Construction, Transport & Logistics, Food &
Agriculture, Environment & Sustainability, Finance & Public
Institutions and Business Governance. With a turnover of over 330 million Euros
in 2014, over 2,750 employees, and 163 offices in 60 countries worldwide, RINA
is recognized as an authoritative member of key international organizations and
an important contributor to the development of new legislative standards.
Contacts:
Giulia Faravelli
Media Relations Manager RINA
+39 010 5385505
Victoria Silvestri
Media Relations RINA
+39 010 5385555
Labels: certification, classificiation society, consulting engineering, energy, inspection, testing, transport
RINA Services acquires QIC Inc to expand oil and gas services
Expanding international testing, inspection, certification and
consulting engineering group RINA has acquired Houston-based QIC Inc as part of
its strategy to expand and internationalise services to the oil and gas
industries.
QIC (www.qicinc.com) is a leading
testing, inspection and certification (TIC) company serving major and
independent operators as well as manufacturers in the energy industry. The company
provides highly trained and experienced quality field inspectors, consultants,
engineers and specialists to deliver customers mission-critical, quality
surveillance and ensure asset integrity. Founded in 1990, and headquartered in
Houston, Texas, QIC has expanded its presence globally with locations in
Louisiana, the United Kingdom, Singapore and Malaysia. Existing QIC management
will continue to lead the company’s operations as part of the RINA group of
companies.
“We are very pleased with the opportunities this combination will bring
to our loyal customers and employees,” said Douglas Fletcher, founder of QIC.
“We could not have selected a better partner than RINA to drive expansion and
take QIC to the next level.”
QIC will maintain its brand and operate as a RINA group company. The acquisition
reflects RINA’s strategy of growing by acquiring high quality companies with
complementary expertise and access to new markets, among which US holds a great
potential for the Italy-based company. At the same time, QIC will be able to
widen the range of services offered to its clients and expand into areas where
RINA is already strong as a certification and classification society.
“QIC is a well-established TIC company with a strong, blue-chip customer
base of operators and manufacturers operating globally with expertise that
complements that of RINA,” said Stefano Socci, General Manager Americas, RINA
Services. “The RINA and QIC combination will allow us to more rapidly expand
our presence in the global offshore and subsea markets.”
RINA is a multi-national group which delivers
verification, certification, conformity assessment, marine classification,
environmental enhancement, product testing, site and vendor supervision,
training and engineering consultancy across a wide range of industries and
services. RINA operates through a network of companies covering Marine, Energy,
Infrastructures & Construction, Transport & Logistics, Food &
Agriculture, Environment & Sustainability, Finance & Public
Institutions and Business Governance. With a turnover of over 330 million Euros
in 2014, over 2,750 employees, and 163 offices in 60 countries worldwide, RINA
is recognized as an authoritative member of key international organizations and
an important contributor to the development of new legislative standards.
Contacts
|
RINA
Giulia
Faravelli
Media
Relations Manager RINA
+39
010 5385505
Victoria
Silvestri
Media
Relations RINA
+39
010 5385555
victoria.silvestri@rina.org
|
QIC
Chad Fletcher
Vice President
+1 281 370 2700
Kyle Fletcher
Vice President
+1 281 370 2700
|
Labels: inspection, offshore energy, oil& gas, project management, testing
London P&I Club underlines importance of proper enclosed space entry drills
The London P&I Club says a recent claims incident resulting in the deaths of two crew members on board a bulk carrier loaded with coal underlines the importance of proper crew training and awareness in relation to the dangers associated with entry into harmful hold atmospheres.
In the latest issue of its StopLoss Bulletin, the club reports an incident in which the deck crew on an anchored ship loaded with a cargo of coal for discharge were asked to obtain samples from each of the vessel’s cargo holds. A misunderstanding occurred involving the method of sample collection to be employed and, when one of the cargo hatches developed a fault and failed to open fully, the sampling device used from the main deck was discarded.
A crew member entered the hold with the aim of collecting a sample, and unfortunately collapsed at the bottom of the ladder. The crew member had been seen entering the hold by a duty watchman on deck, who subsequently decided to enter the hold himself to effect a rescue. Sadly, he suffered a similar fate. A full muster and enclosed space rescue was undertaken after the alarm was raised by the standby man on deck. Sadly, two fatalities occurred in this incident as a result of the inhalation of an oxygen-depleted atmosphere.
Ian Barr, claims director with the London Club management team, says. “The incident highlights the importance of sound decision-making under such circumstances and the need for proper training of ships’ crews with regard to the potential dangers of bulk carrier hold atmospheres.”
The club has meanwhile reminded its members about new SOLAS Regulation 111/19, which came into effect on 1 January this year. This requires that all persons involved in enclosed space entries, death of crew members, harmful hold atmospheres,and/or those assigned enclosed space rescue duties, are required to take part in enclosed space entry and rescue drills at intervals not exceeding two months. The new SOLAS regulation prescribes both the frequency and content of such drills.
The London P&I Club has recently produced a new Bulk Carrier Hold Safety poster which it hopes will raise awareness of the circumstances under which it is safe to enter a cargo hold.
www.londonpandi.com
Labels: bulk carriers, coal cargo, London P and I Club, marine liability insurance
AKD completes rapid auction of containership in Aruba after bank arrest
ROTTERDAM-based law firm AKD has completed the sale at auction of the container vessel Caribbean Sea in the courts of Aruba following its arrest by Rabobank for outstanding mortgage debts in excess of $28m. The entire arrest and auction process was completed in just 20 days, underlining the reputation of the Kingdom of the Netherlands as a highly advantageous jurisdiction for those looking to arrest ships and arrange for their swift judicial auction.
The 2007-built vessel arrived and was arrested in Aruban waters on 25 March, 2015 as security against an outstanding debt of $28,398,786, and was sold at auction on 14 April.
AKD partner Haco van der Houven van Oordt, who oversaw the arrest and auction procedure, says, “The completion of the arrest and auction process in such a short space of time underlines why the Kingdom of The Netherlands is widely recognised as a haven for arresting ships and arranging for their swift judicial auction.
“Most mortgagees know of the many advantages of auctioning ships in Rotterdam, but comparatively few realise that one can also take advantage of the same system when auctioning elsewhere in the Kingdom, in places such as Aruba.
“Leave for arrest is granted without delay on production of a simple written application containing a summary of the claim. No formal power of attorney and no proof of the claim is required. In addition, counter-security is seldom called for. And, there is also no liability for any marshal fees or similar costs.
“On this occasion, it was decided to arrest and auction the Caribbean Sea before the Aruba courts, given the trading area of the vessel in the Caribbean. The legal systems throughout the Kingdom are almost identical, and offer the same opportunities to those seeking enforcement or security in connection with maritime claims.
“After careful preparation and a preparatory meeting with the local judge, the auction process was quickly put in place and thereafter completed very swiftly. This was a case of legal certainty being achieved without delay, an important consideration in what continue to be very difficult times in the shipping industry.”
AKD’s Transport & Energy team provides a full range of legal services. AKD is a full-service firm with over 250 lawyers. www.akd.nl
Labels: AKD, Aruba courts, auction, Caribbean Sea container vessel, Netherlands law, outstanding mortgage debt, vessel arrest
Liberian Registry strengthens position as safest major flag by investing in new technology
The Liberian Registry has developed a unique satellite-based Compliance Assistance Programme (CAP) which has helped ensure regulatory compliance and prevent detentions in some of the world’s most active Port State Control (PSC) areas. In the process, it has contributed to Liberia being named as the best-performing major ship registry worldwide over the last three years, a period during which it has featured on all PSC White Lists and has been included in the prestigious US Qualship 21 programme. Moreover, during this same period, the Paris Memorandum of Understanding (MoU) statistics confirm that Liberia had the best detention rate amongst the largest major flag states.
The development further strengthens the leading role which Liberia has established over a number of years as the world’s most technologically innovative flag state. The CAP tracks ships when they enter selected jurisdictions and allows the registry’s risk analysis team to perform detailed reviews of vessels, their history, and the ports at which they are calling. As a result, Liberian vessels have experienced a decrease in detentions in heavily trafficked PSC regions such as China.
The CAP supplements the existing electronic services already provided by Liberia and is part of a program which adopts a uniquely proactive approach to ensuring that ships flying the Liberian flag are properly prepared for their upcoming port calls, and that any possible deficiencies are handled prior to entering port. The system is totally electronic and non-burdensome, and is provided at no extra cost to owners and managers.
Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, “The Compliance Assistance Programme is just the latest in a series of technological innovations designed to make Liberia the safest and most efficient fleet afloat. Other examples of the registry’s pioneering approach to technology include the introduction of the online filing of seafarer credentials, enabling owners to save tens of thousands of dollars each year and streamlining the turnaround time for issuing seafarer documents.
“Liberia was also the first flag state to institute the electronic delivery of original documents, which has been hailed by the industry as a ground-breaking service that demonstrates that Liberia is up to speed with 21st century technology and its application to the shipping industry.
“Recently, Liberia also created an online application system that allows Liberian-flag owners and managers, as well as those from other non-party states, to receive their Wreck Removal Certificates without delay through the registry’s online portal. Liberia is also the first flag state to launch its own powerful state-of-the-art mobile application (app) to enable owners, managers and operators to communicate and interact with the registry on a round-the-clock basis.
“The Liberian Registry has always been a highly proactive flag, working tirelessly to support owners and managers. Liberia’s significant investments in technology, such as the Compliance Assistance Programme, strengthen its position as the world’s largest quality ship registry.”
The Liberian Registry is one of the world’s largest and most active shipping registers and has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners.
www.liscr.com
Labels: Liberian Registry, port state control, PSC White Lists, Qualship 21, reduced detentions, satellite-based Compliance Assistance Program
Implementation of new revenue recognition accounting standards set to be delayed
Proposals to push back by 12 months the implementation dates for new international accounting standards covering revenue recognition will have implications for many companies, including those in the shipping industry.
On 28 April, the International Accounting Standards Board (IASB) tentatively decided to defer by one year implementation of the IFRS 15 standard, Revenue from Contracts with Customers. While the vote was not unanimous, with 11 members in favour of the change and three against, it is now extremely likely that the new standard will apply only for accounting periods beginning on or after 1 January 2018. Before finally ratifying the decision, the IASB is proposing to issue a narrow-scope exposure draft. A response period of at least 30 days is expected, with the intention to finalise by July 2015.
The IASB decision to defer implementation follows the 1 April decision of the US standard-setter, the Financial Accounting Standards Board (FASB), to have its staff draft a proposed Accounting Standard Update modifying the implementation timetable for the new revenue recognition standard, also putting back the implementation deadline by one year. The Proposed Accounting Standard Update, Revenue from Contracts with Customers (Topic 606), was issued on 29 April. If ratified, it will accomplish the deferral and early adoption provisions which were voted upon at the 1 April meeting of the FASB. As part of the update, the FASB has also asked for feedback on specific issues in order to better inform its decision process.
Early adoption of the standard will continue to be permitted by the IASB and is now expected to be allowed by the FASB.
David Chopping, technical partner at Moore Stephens, London, says: “There are many reasons why IFRS15 is likely to be deferred, but the main issues relate to the time that some companies need to develop policies, systems and expertise in order to be able to follow the new standard. Changing the basis for recognition of what is the largest single figure in most companies’ accounts is always going to be a complex and time-consuming task, not least for those in the shipping industry.
“Feedback to IASB, FASB and the IASB / FASB Transition Resource Group (TRG) indicates that some preparers of accounts are convinced that it is going to take even longer than originally thought. There are also some possible changes to the standards being recommended by the TRG. If these go ahead, it will mean that some companies will have to amend what they are planning to do to deal with implementation based on the standards as currently in issue. Even if they don’t, it still has an effect – companies are understandably reluctant to commit time and resources to new standards until they are entirely confident that the new standards won’t change again before coming into force.”
Michael Halkias, a principal with MSPC New York says: “Given that these rules have been gestating for almost 13 years, the proposed delay is perhaps not altogether surprising. Although the decision by the FASB to change the implementation date and allow early adoption is considered tentative, the minutes of the meeting show that votes held on both the deferral and the ability to adopt early were unanimous (7-0).
“Allowing entities to adopt early is a significant change from the initial guidance, which forbade early adoption. This also adds a considerable additional level of complexity when comparing the results of different entities, as there are now essentially four different potential adoption dates in total for publicly-listed and non-public companies which follow US reporting rules.”
International Financial Reporting Standards are a set of generally accepted accounting principles (GAAP) developed by the International Accounting Standards Board (IASB) and used by companies to prepare financial statements. They are followed, or are in the process of being adopted, by more than a hundred countries, including all EU member states.
Michael J Halkias comments, “Both IFRS 15 and its US equivalent will apply to all contracts with customers except for those within the scope of other standards, such as leases, insurance contracts and financial instruments. This broad application will impact essentially all companies which currently generate revenues from any other areas, and the scope is likely to increase in the near future for shipowners. It is possible that a large number of contracts in the shipping industry will no longer be considered leases when the new lease accounting proposals come into force.”
The deferral of implementation is to be welcomed, as it recognises the complexity of dealing with the process of transition.
Moore Stephens LLP, based in London, is noted for a number of industry specialisations and is widely acknowledged as a leading shipping, offshore maritime and insurance adviser. MSPC, based in New York, is a regional accounting firm with extensive experience of servicing the maritime industry and public registrants. www.moorestephens.co.uk
For more information:
David Chopping
Moore Stephens LLP
Tel: +44 (0)20 7334 9191
david.chopping@moorestephens.com
Michael J Halkias
Tel: +1 (212) 682-1234
mhalkias@mspc-cpa.com
Labels: delayed implementation, FASB, IASB, IFRS 15, International Accounting Standards Board, Moore Stephens, MSPC, revenue from contracts with customers, shipping contracts, US
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