View non-flash version
News institutions, which is not affiliated with the State of New York and receives no government support, exists to advance the professional interests of the Maritime College, its alumni, faculty, and students. Funds for the scholarships were raised through various private donations to the Alumni Association's national board, as well as to its various local chapters, most notably. Long Island. Twenty-eight scholarships were dis- tributed to assist U.S. Maritime Service Cadets meet tuition and fee expenses associated with their participation in Summer Sea Term 2004 aboard Maritime College's Training Ship 'Empire State,' pictured in the adjacent photo, which departs the College's New York City Campus on May 15. Upon graduation, the Cadets will be licensed U.S. Merchant Marine Officers, will have accredited Bachelor's Degrees in disciplines related to the maritime industry, and will be eligible for com- missions in our Nation's various sea services. More information on the pro- grams of the SUNY Maritime College Alumni Association is available at www.suny maritimeal u m n i .org EC: Spanish Shipyards Owe €308.3M The Spanish shipbuilding establish- ment received a financial blow when the European Commission ruled last month that aid provided was not in line with EC rules on State aid to shipbuilding. In a nutshell, Izar owes 6 308.3 million, plus interest, a tall financial hurdle in the face of an already declining market in Spain. In its ruling, the Commission estab- lished that State holding company — Sociedad Estatal de Participaciones Industrials (SEPI) — in 1999 and 2000, granted aid worth €500 million to the civil public shipyards that are today all owned by Izar. The aid took the form of a capital injection, loans and a purchase price above market value. As the loans amounting to €192.1 million to SEPI were paid back, the sum to be reim- bursed will amount to the aforemen- tioned € 308.3 million figure. The object the decision are a number of transactions that took place between 1999 and 2000 involving SEPI and its subsidiaries Astilleros Espanoles (AESA), the former holding company of the public shipyards, and Bazan, the military shipbuilding group. Since the Commission suspected that these trans- actions might have contained state aid, it opened a formal investigation in July 2000, was extended in November 2001 and extended again in May 2003. In its investigation, the commission found that: • An excess purchase price paid by SEPI when AESA sold three shipyards to SEPI in 1999. According to the - Commission's calculation the purchase price paid by SEPI contained an aid ele- ment of € 55.9 million. The aid benefit- ed the remainder of civil shipyards still owned by ASEA; • A 1999 SEPI loan amounting to €192.1 million to three shipyards; • A capital injection by SEPI of €252.4 million to AESA in 2000, benefiting the remaining AESA's civil shipyards. Striking a conciliatory, yet still hard- line note, the Commission further com- mented that it is aware that the conse- quences of this decision may be serious for the Spanish public shipyards, and its employees. However, there were a number of complaints from shipyards in other EU Member States and even from Spanish organizations, arguing that job losses have already occurred in their compa- nies as a result of suspected illegal state aid. Foam Filled Marine Fenders Marine Guard " The Ultimate Protector for Ships, Harbor Craft, Wharves & Piers. • Construction complies with United States Navy and Coast Guard Specifications. • Core consists of closed-cell, resilient, energy absorbing foam, covered with a protective, seamless polyurethane elastomer skin. • Filament nylon tire cord reinforcement is continously wound in the skin for added strength and durability. • Will not mark or scratch vessel hulls. • Constructed with integral swivel end fittings, internally connected with a heavy duty chain. • Easy to install with very little maintenance. • Hull conforming design • Light weight and extremely buoyant with a lower reaction force than either hard rubber or pneumatic fenders. (Almost 40% higher energy absorption than pneumatic fenders.) URETHANE PRODUCTS CORPORATION 800) 913-0062 Stocking Distributors: Waterman Supply Company 910 Mahar, Wilmington, CA 90744, U.S.A. 1-800-322-3131 Tel (310) 522-9698 • Fax (310) 522-1043 Anchor Marine & Industrial Supply, Inc. 6545 Lindbergh, Houston, TX 77087, U.S.A. 1-800-233-8014 Tel (713) 644-1183 • Fax (713) 644-1185 ..I"., URETHANE PRODUCTS CORPORATION • 9076 R0SECRANS AVENUE • BELLFL0WER • CALIFORNIA • 90706 1-800-913-0062 • 1-562-630-4982 • Fax 1-562-630-6974 • www.urethaneproducts.com Circle 307 on Reader Service Card June 2004 11
