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Cuomo’s crisis: What a weakened or departing governor means for real estate

first_img Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Andrew CuomoPolitics Photo Illustration of Gov. Andrew Cuomo (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)When the real estate industry wanted an alternative route to comply with a New York City building emissions cap, it looked to Albany. This year, Gov. Andrew Cuomo delivered one in his executive budget proposal.But that change, and other industry priorities, are now in jeopardy. Cuomo is facing calls from Democrats and Republicans to resign after three women accused him of sexual harassment. Even before those reports emerged, Assembly member Ron Kim had begun pushing for impeachment over the revelation that Cuomo’s administration underreported Covid-19 deaths in nursing homes. The legislature this week moved to strip him of the emergency powers granted at the start of the pandemic, preventing him from issuing new directives and limiting his ability to extend existing ones.ADVERTISEMENTThe uncertainty over the governor’s future looms over Albany as state officials work out how to balance the $193 billion budget before April 1. Advocates and elected officials have already taken aim at key proposals, including the emissions workaround, and hope Cuomo’s weakness or absence will give them more leverage.Beyond the budget, some in the real estate industry are concerned about what the loss of a powerful ally would mean for pandemic recovery and other initiatives, including the renewal of Affordable New York, a property tax break treasured by multifamily developers.“The governor has generally been a pro-growth pragmatist. The real estate industry has depended on that to keep attention and focus in a positive way on investment in our built environment,” said Kathryn Wylde, the president of the Partnership for New York City. “The governor’s troubles are a real threat to the pace and strength of our recovery.”Industry championWhen Cuomo, then state attorney general, ran for governor in 2010, he raised hundreds of thousands of dollars from some of the biggest names in the industry. That backing has run into the eight figures during his three terms — and has picked up when issues of particular import cross the governor’s desk.In 2012, the New York Times reported that a committee largely backed by real estate leaders had raised more than $12 million for Cuomo, making it the largest-spending advocacy organization in Albany. Some of those donors were pushing for a cap on local property taxes that the governor had proposed. Ahead of the renewal of Affordable New York’s predecessor 421a that year, Extell Development’s Gary Barnett and his wife donated $100,000 to Cuomo.It was Cuomo who set the terms for the renewal of 421a in 2017, ignoring a deal reached by Mayor Bill de Blasio and the Real Estate Board of New York. Instead, he tasked developers and construction unions with hashing out a compromise that included prevailing wage requirements. Though the resulting impasse led to the temporary expiration of the tax break, the governor could take a victory lap when the two sides agreed on Affordable New York.That tax break is slated to expire in 2022, and some Democrats are calling for its immediate repeal. Cuomo is expected to push for renewal, Wylde noted.“Generally, the governor brings a more practical and objective approach to all the issues that the advocates want decided on a more ideological basis,” the business leader said. “I think the decisions that have been made on facts and data may be lost in the politics if the governor and his staff are not able to manage some of those conversations effectively.”The governor’s Local Law 97 amendment would allow building owners to buy renewable energy credits outside the city to offset their properties’ greenhouse-gas emissions, potentially saving some of them millions of dollars. The proposal is backed by the Real Estate Board of New York.Jonathan Westin, director of the left-wing group New York Communities for Change, said there is now a better chance of removing the governor’s “poison pills” from the budget. Tenant advocates also hope the governor will permit some of their proposals to become law, including the cancellation of rent debt and a good cause eviction bill.“He has literally no legs to stand on anymore,” Westin declared.The pragmatistSome are skeptical that the allegations will end Cuomo’s career, though the situation underscores the danger for real estate of relying almost entirely on him — a strategy that backfired after Democrats captured the state Senate in 2018.“They bought in. They took the Kool-Aid. This guy is really good at his job,” one industry lobbyist said. “They were enamored. But [pinning your hopes on one person] is also shitty planning.”At the end of the day, the governor protects himself first. And when the time came in 2019 to renew the state’s rent stabilization law, Cuomo read the room: There were more tenants than landlords, and no Republicans to blame.Landlords were shocked by the tenant-friendly bill that emerged, and when they made an 11th-hour plea to Cuomo to step in, he instead embraced the reforms, calling them “the most sweeping, aggressive protections in state history.”In 2019 he also considered an annual pied-à-terre tax, although real estate interests ultimately persuaded lawmakers to instead raise transfer taxes on high-end home sales.One real estate source noted that Cuomo was only an ally when his interests aligned with the industry. In that circumstance, he was a powerful friend.“One day he is an ally; one day he’s an enemy. It all depends on his personal calculus,” the source said. “You don’t know if you are going to get the handshake or the knife at any moment with Andrew Cuomo.”The governor’s tenuous position has some worried about the state’s pandemic response. Another industry source also noted that distress at the state level is compounded by uncertainty over who will be elected mayor to lead the city’s recovery.“Stability in government is good for the real estate industry,” the source said. “It’s just not a good time for the government to be falling apart.”Georgia Kromrei contributed reporting. Tagslast_img read more

Oxford professor will not be charged over colleague’s death

first_img“Devinderjit Sivia was arrested, interviewed and bailed pending further inquiries. Having received the file from police and considering all the evidence, I have decided he will not face any charges in relation to the death of Steven Rawlings.” Dr Sivia’s father, Gurbaksh Sivia, told the press that his son was leading a normal life again and had returned back to work. He added, however, that the death of his friend would continue to be “on his mind.” Dr Devinder Sivia will not face any charges for the death of his friend and work colleague, fellow academic Professor Steven Rawlings, the Crown Prosecution Service has announced. Upon his arrest, Rawlings’ wife, Linda, stated that she did not believe Dr Sivia was responsible for the death, stating, ‘Steve and Devinder were best friends since college, and I believe this is a tragic accident… I do not believe that Steve’s death is murder and I do not believe Devinder should be tarnished in this way.”  Bajit Ubhey, chief crown prosecutor for Thames and Chiltern Crown Prosecution Service, released an official statement, stating, “Professor Rawlings died at the Oxfordshire home of a friend. A post-mortem examination was conducted, but was inconclusive and further tests were required.center_img She expressed her relief at the outcome of the investigation and said in a statement, “I am satisfied with the decision made by the Crown Prosecution Service that there will be no criminal charges brought.” Dr Sivia, a stipendiary lecturer in mathematics for sciences at Oxford, was subsequently arrested on suspicion of murder. He then spent 24 hours in custody before being released on police bail, pending further inquiries.  Professor Rawlings was found dead in January this year, aged 50, at a bungalow belonging to Dr Sivia.last_img read more

Warings’ facelift

first_imgWarings celebrated its 75th birthday at the tail end of 2007. And this Reading-based bakery went one better than a 75-candle cake – it treated itself to a birthday gift by splashing out nearly £75k on overhauling one of its five shops.Over the last five years, two of Warings’ five outlets had gone under the knife. But two decades had passed since this location in Tilehurst was last spruced up. With a major bit of nip-and-tuck needed, the brief was to retain a traditional bakery feel, but with modern presentation, and reflect the bakery’s core values; Warings has a small team of bakers that produce by hand from a central bakery, supplying only their own retail outlets.”We like to be unique and keep our products for our shops,” says Daniel Carr, learning and development manager, who oversees the 65 staff. “Our bread hasn’t changed a lot since it was originally made – it’s all about being fresh, made today to eat today, with no preservatives or additives. It’s a good old-fashioned loaf of bread.”Carr says the management set itself a budget at £70,000, which involved closing the shop for eight days and stripping the floors, the walls and the ceiling back to the bone. They then re-imagined a fresh layout, shifting the takeaway from the back of the shop to the front. Crucially, it reduced the amount of counter space by half in order to give the appearance of being full all day, and restocking little and often.”When we last fitted, the idea was to have as much counter space as possible and get everything out in the morning; we ran with that for many years. The shops looked fantastic… but only up until about 11am. As soon as the lunchtime trade hit, there was too much space to fill.”We will now have our warrior lines on shelf until the end of day, so it will always appear to be stocked, even if we’ve only got half an hour of trading left. It never looks empty, which is what we found in the old shop.”New kit purchases included: a panini grill for on-the-go morning toasties; soup kettles for hot fresh soups, popular with office workers; and a £5,000 investment in a fresh ground coffee machine. The latter, a special offer from Bako London, came with barista training, signalling a step up from its previous Nescafé instant coffee machines and introducing an element of theatre in-store, says Carr.”If somebody’s ordering a coffee, the grinder’s going and you’ve got the smell and the aroma, the person behind them in the queue will say, ’Fantastic, I’ll have one of them!’ If they’re picking up hot coffee, they’ll maybe buy a bacon and cheese turnover on the move too. The firm used Bakeline on its last two refits and was pleased with the results. They seem to be in tune with what we want; they’ve got experience outside the UK. A lot of us now look for that Continental style.” Italians bring style to sweet pastry shop PLAN FOR OTHER STORESThe plan now is to fit the remaining two shops within two years. “It’s important to put money back into the business, says Carr. “Customers demand a good shopping experience. Not only that, but having a refit can make the whole process of food hygiene regulations – how to look after your unit and keep it clean – so much quicker and easier.” center_img Located in Sarzana, a small but beautiful town close to La Spezia in Northern Italy, and tucked in a basement location of an historical building, is a pastry shop-cum ice cream parlour-cum chocolate emporium, with a few modern twists on shop design.There is a glitzy grotto-like ambience in this emporium, which specialises in cakes, cookies and jams, made with natural ingredients, all created by store owners Daniele and Cristina Marselli. Situated off a pedestrianised zone in the town, the bare brick arches make good use of an original feature of the building, which took a month to fit.The furniture mixes simple elements: the wooden counter; shelves made from glass and iroko wood; and a central area for showcasing products.Clever features include showing off hand-craft techniques to passers-by outside the shop via a video placed at the entrance. Inside, you can see the craftsmen at work first-hand, with glass windows giving a view straight through to the “laboratory”.The shop, which has two glass entrances (the trickiest elements of the fit, given the stone vaults), boasts an ice-cream counter on the left and a pastry counter to the right. In the centre is a chocolate showcase, made to resemble a precious jewellery shop window.And the shop’s name? A fusion of the owners’ daughters’ names – Giulia and Beatrice (Giu-Bea). Their names are further used to brand the cookies, which are presented in packaging made by Tub Design illustrated with original graphics and fuchsia and brown colours.Address: Via Cigala 28, 19038 Sarzana (SP) ItalyDesign and furniture: Costa Grouplast_img read more

Ivy Tech, IU South Bend partner in Guaranteed Admission Agreement

first_img Twitter Twitter TAGSassociate degreebachelor degreecollegeGAAGuaranteed Admission AgreementIndianaIndiana UniversityIUSBIvy TechpartnershipSouth Bend WhatsApp IndianaLocalNewsSouth Bend Market Google+ Facebook WhatsApp By Brooklyne Beatty – June 5, 2020 0 552 center_img (Photo supplied/Ivy Tech Community College) Ivy Tech associate-level graduates are now guaranteed admission into Indiana University South Bend (IUSB).The colleges recently strengthened their partnership in an effort to clear the path for Indiana residents working to obtain a bachelor’s degree.Beginning this month, Ivy Tech associate-level graduates from across the Hoosier State will be guaranteed admission into IUSB, based on select provisions. This eliminates any loss of credits earned; the application fee will also be waived for associate degree holders.The Guaranteed Admission Agreement (GAA) outlines specific coursework that will fulfill requirements at both institutions, and joins other Ivy Tech-IUSB collaborations.Full-time Ivy Tech students can also enroll in the ABC Program early in their studies, which can aid in receiving financial literacy training and early career counseling. Students in the ABC Program are also guaranteed admission into IUSB if they maintain program standards. Previous articleSemi crash closes I-94 for hours, driver seriously hurtNext article73 million Americans want more pandemic-proof job, according to study Brooklyne Beatty Ivy Tech, IU South Bend partner in Guaranteed Admission Agreement Facebook Pinterest Pinterest Google+last_img read more

Workfare demonstrators target Greggs

first_imgDemonstrators have protested outside a central London Greggs store, as part of a direct action campaign against its involvement in the government’s Workfare Scheme.The Workfare Scheme, launched in June 2011, attempts to make jobseekers more employable by offering them work experience, with companies including Primark, Argos and Greggs taking part. Greggs currently has six young people on voluntary Workfare placements, in roles in IT, accounts, customer contact, payroll and retail. Participants are only be paid expenses for the 25-30 hours they work a week. They also lose their benefits if they pull out of a placement.The protest outside Greggs was part of a “week of action” organised by Boycott Workfare, a UK-wide campaign network “to end forced unpaid work for people who receive welfare.” The group, which mustered through twitter and social networking sites such as Facebook, explained that “peaceful protests will step up the pressure on those still involved in Workfare.”A Greggs spokeswoman said Greggs believes that with one million 16-24 year olds unemployed,  genuine work experience opportunities improve their chances of applying for vacancies as they arise.It said in a statement: “The company supports 6 -12 participants at any one time, which enables it to give maximum support, ensure that participants are getting credible work experience and ensure they are not being used to cover vacancies.”Around 40 young people have completed the scheme at Greggs, of which 16 were given a job with Greggs.  Sainsbury’s and Waterstones are among retailers who have dropped out of the Workfare scheme  following controversy over unpaid work and loss of benefits for participants.last_img read more

Turkuaz, Aqueous Trade Sit-Ins At Brooklyn Steel Blowout [Photos/Videos]

first_imgLoad remaining images On Saturday night, nine-piece funk powerhouse Turkuaz made their highly-awaited Brooklyn homecoming with support from Buffalo-native quartet Aqueous at Brooklyn Steel.Aqueous kicked off the night’s festivities, beginning their set with fan-favorite “Random Company” followed by the newer “Say It Again”, which they debuted last summer. Next, Aqueous called up the Turkuaz Horns to assist them on a very special rendition of “Weight of the Word”. While the band has played the Color Wheel track live several times, this marked the first rendition of “Weight of the Word” to include the Turkuaz Horns, who are featured on the studio version of the track. Following the sit-in, Aqueous closed out their opening set with a seamless “Skyway” > “Timmy’s Blades” > “Second Sight” segment. You can watch crowd-shot footage of “Weight of the Word” featuring the Turkuaz Horns below:Aqueous w/ The Turkuaz Horns – “Weight of the Word”[Video: Zak Radick]With the crowd now primed and ready for a hometown throwdown, Turkuaz took the stage to a roar of applause and opened the show with “20 Dollar Bill”. The band went on mix a number of tracks from their most recent studio release, 2018’s Life In The City, with a selection of favorites from throughout their catalog. As always, their characteristic brand of high-energy, colorful funk kept the packed crowd moving throughout their 2-hour headlining performance.Toward the end of Turkuaz’s set, the band welcomed Aqueous guitarist Mike Gantzer to the stage to add some extra guitar firepower to a cover of David Byrne‘s “Big Business”. As Gantzer finally left the stage, guitarist/vocalist Dave Brandwein remarked jokingly that Gantzer sounded “pretty good”, the still-stunned crowd taking pleasure in his tongue-in-cheek understatement. With the core nine members remaining, the band worked through excellent versions of “Life in the City”, “Chatte Lunatique”, “Take it Slow”, and “Back to Normal” to close the show before encoring with “Coast To Coast”. You can watch crowd-shot footage of Mike Gantzer’s sit-in with Turkuaz below:Turkuaz w/ Mike Gantzer (Aqueous) – “Big Business” [David Byrne cover][Video: Zak Radick] Following a show on Thursday, April 11th at Ithaca, NY’s The Haunt, Turkuaz and Aqueous will join back up for their fourth and final joint show at Washington, D.C.’s 9:30 Club on Friday, April 12th. For a full list of Turkuaz’s upcoming tour dates, head here. For a list of Aqueous’ upcoming dates, head here.Below, you can check out a beautiful gallery of photos from the show courtesy of photographer Kevin Cole.Setlist: Turkuaz | Brooklyn Steel | Brooklyn, NY | 4/6/19Set: 20 Dollar Bill, E.Y.E., If I Ever Fall Asleep, The One and Lonely, Holy Ghost, Tiptoe Through the Crypto, Gremlins, Make You Famous, Electric Habitat, European Festivity Nightmare, Superstatic, The Question, Big Business/Murder Face (with Mike Gantzer), Life in the City, Chatte Lunatique, Take it Slow, Back to NormalEncore: Coast to CoastSetlist: Aqueous | Brooklyn Steel | Brooklyn, NY | 4/6/19Set: Random Company, Say It Again, Weight of the Word*, Skyway> Timmy’s Blades > Second Sight*With Turkuaz horns, debut of Color Wheel album versionTurkuaz w/ Aqueous | Brooklyn Steel | Brooklyn, NY | 4/6/19 | Photos: Kevin Colelast_img read more

Discovering the path to Harvard

first_img“So this is Harvard?” asked a 10-year-old girl as we walked down Massachusetts Avenue. It had barely been 10 minutes since we’d left her affordable housing complex. “I’ve never been there. I thought it was like, miles away or something.”It took a while, but finally it clicked: This girl had lived within a mile of Harvard for years, but had no idea she could walk there. But what would make a young girl who has Harvard nearly at her fingertips feel that it is so far out of reach? What can we do to make it more accessible to people right outside our doorstep and to people even farther away?What brought the little girl and I together could be a window into Harvard for many: mentoring. Mentoring is so integral to and pervasive within the fabric of the University community that I have sought to make it a central part of my life.It’s easy to get caught in the “Harvard Bubble,” the sheltered world in which we forget that there are significant things happening elsewhere. Between the 21,000 students and 2,100 faculty across 12 Schools, groundbreaking achievements are being made every day. As a freshman, I was thus surprised by just how small the radius was within which I needed to search to find individuals who remain unaffected by what happens here. I grew more and more interested in sharing what I learned at Harvard each day with others, hopefully to augment their lives. I have also been lucky enough to have mentored amazing youth, who have taught me unexpected things and helped me pop out of the “Bubble.”In my first semester at Harvard, I worked with several other students to create a chapter of the national DREAM Program here. It was my first foray into working with youth, and I was excited to give Cambridge kids a taste of the campus that was so close to their homes. The program was fulfilling, but most emphasized community building and personal development. I wanted my role as a mentor to take a more academic direction. As a result, the next year I worked as a mentor for Crimson Summer Academy (CSA), a Harvard organization that invites high-potential, low-income students from Boston’s public high schools to spend three summers in a rigorous college-preparatory program on campus.The mentor role was dynamic: We assisted the teachers in class, tutored the students, helped with homework, and kept order in the dorms at night. Most importantly, we built relationships with the students, and often discussed our Harvard experience with them. The “scholars,” as we called them, were curious about everything from our social lives to what classes we planned to take to the kinds of activities we did on campus. I remember sitting on the steps of Weld Hall with one boy, a rising junior at the time, as he excitedly asked me questions about Harvard for 45 minutes. While they were interested in my life here, I was constantly learning about their experiences growing up in Boston, and the challenges that they faced at home, in their neighborhoods, and at school as they attempted to achieve their academic and professional goals.I felt a sense of responsibility to these students. As mentors we could inspire them to aspire to lofty academic goals, but we’d do them a disservice if we didn’t couple that inspiration with the academic and social support they needed to succeed. In CSA we achieved this multifaceted purpose; nearly all the program’s seniors went on to great colleges and universities, and one whom I got to know during my summer with CSA is now a freshman at Harvard.My memorable and enriching experience at CSA inspired me to continue to couple relationship-building with academic development. During all three of my years here so far, I’ve tried to allow youth education and mentorship to penetrate my academic and extracurricular pursuits, but it hasn’t been easy. In the past year I’ve been involved in health education in both New York City and Boston, but I haven’t had many opportunities in that sphere to couple relationships with academics. Luckily, I am now in a unique position as co-chief executive officer of Smart Woman Securities (SWS) to make education and mentoring as widely accessible as I’d like. SWS was started at Harvard in 2006, to educate college women about finance in their personal and professional lives. It has grown into something of which my co-CEO, Meredith Toman, and I, as well as our current and past executive board members, are exceedingly proud. We offer Harvard women introductory and advanced finance education courses, the opportunity to manage investments in a $21,000 fund, and regular career panels and events. This organization epitomizes my belief in coupling learning with relationships.Community is a major part of our culture, and we have three levels of mentorship to foster it: external, in which alumni build relationships with members; internal, in which the most experienced members work with the newest ones; and families, which are groups that bring members of various levels together to share ideas and advice. The strengths of our program, and the successes of our members, lie in the fact that we couple preparation in finance with social support, allowing women to build networks that give them opportunities and help them become leaders.I would have loved to have a resource like this in high school. Many SWS members tell us that they first became interested in finance, and understood its relevance to their growth as independent women, when a firm or nonprofit organization approached them in high school. This semester, the SWS executive board planned our first High School Conference, a daylong program to give girls a basic understanding of personal finance, expose them to business and finance professionals, and help them start building networks. This is an opportunity for us as college women to build relationships with high school students, and share what Harvard has given us.This University teaches many things. We can choose from more than 40 fields of concentration and 3,000 courses. Our faculty members are among the highest achievers in the world. Still, without the insights, advice, and experiences of my peers, I would not have explored many of the extracurricular opportunities that have let me put my coursework into action. The students and faculty inspired my academic ambitions, and the relationships we have built guided me along the road to achieving them. To offer youth the same guidance is the least that I can do with the opportunities and platforms that I’m lucky enough to have as a student at Harvard.last_img read more

Michael C. Hall Tapped for David Bowie’s Lazarus Off-B’way

first_imgThat rock goddess makeup can probably stay on! Michael C. Hall, who headlined Hedwig and the Angry Inch on Broadway earlier this year, will star in the previously announced Lazarus at New York Theatre Workshop. The off-Broadway show is created by David Bowie and Once book writer Enda Walsh. Performances will begin on November 18; opening night is scheduled for December 7.Ivo van Hove, who is set to make his directorial Broadway debut with A View From the Bridge, will helm the production.Prior to Hedwig, Hall performed on Broadway in The Realistic Joneses, Cabaret and Chicago. He returns to NYTW after appearing in a workshop of Wise Guys. Hall is best known for playing serial killer Dexter Morgan in Showtime’s Dexter, earning one Golden Globe Award from five nominations and six Emmy Award nods. Other screen credits include HBO’s Six Feet Under and the films Cold in July and Kill Your Darlings.Inspired by Walter Tevis’ 1963 novel The Man Who Fell to Earth, Lazarus follows Thomas Newton, the alcoholic alien-turned-inventor portrayed by Bowie in the 1976 screen adaptation. The show will feature original tunes by Bowie, as well as new arrangements of his known hits.At a press event prior to Hall’s stint in Hedwig, Tony-winning Yitzhak Lena Hall told Broadway.com, “He kind of sounds like Davie Bowie.” His former on-stage husband hit the nail on the head! View Commentslast_img read more

True Blood Musical Adaptation in Development

first_img Looks like this idea, which we first reported back in 2014, doesn’t suck! A musical adaptation of HBO’s hit True Blood is still in the works. According to the New York Post, Pam MacKinnon recently helmed a workshop of the project, which has music by Nathan Barr (who scored the series) and book and lyrics by Elizabeth Scott.The Emmy and Golden Globe-winning True Blood ran for seven seasons from 2008 through 2014. Created by Alan Ball (who is also involved with the tuner), the show was based on Charlaine Harris’ The Southern Vampire Mysteries series of novels. Set in Bon Temps, a fictional small town in northwestern Louisiana, True Blood looked at the co-existence of vampires and humans, following the experiences of telepathic waitress Sookie Stackhouse, played by Anna Paquin.Early days and obviously no word yet on official casting, but the workshop cast included Claybourne Elder (Bonnie & Clyde), Ellen Foley (Into the Woods) and Ann Harada (Avenue Q). The series was jam-packed with stage stars.Previous Broadway vampire musicals have received a somewhat chilly reception: 2006’s Lestat ran 39 performances, while 2004’s Dracula, the Musical managed 157 performances. Then there was 2002’s Dance of the Vampires, which had a notoriously troubled run, managing a grand total of 56 performances. View Comments Anna Paquin in ‘True Blood'(Photo: HBO)last_img read more

OSG to Take Full Ownership of Alaska Tanker Company

first_imgU.S.-based tanker company Overseas Shipholding Group has inked deals with BP Oil Shipping Company USA and BP AMI Leasing Inc. to purchase U.S.-flagged crude oil carrier vessels operated by Alaska Tanker Company LLC (ATC).OSG currently owns a 37.5% interest in ATC, which has a fleet of four tankers. As part of the deal, OSG plans to acquire the remaining 62.5% interest of ATC that it does not own.The agreements provide for deposits equal to 20% of the purchase price to be paid upon their execution, with the balance of the consideration to be paid at closing.Closing of the purchases is subject to various conditions, including the approval of the United States Coast Guard and the Maritime Administration under the United States Department of Transportation, as well as receipt of Alaska regulatory approval.Upon completion of the transaction, each OSG subsidiary is planned to enter into a bareboat charter of its vessel with ATC, and ATC will in turn enter into back-to-back time charters for each of the vessels with BP Exploration (Alaska) Inc. (BP Alaska) as charterers. “The agreements reached with BP this week provide a clear commitment to maintaining ATC as BP Alaska’s principal marine transportation partner. ATC’s 20-year track record of safe and environmentally responsible crude oil transportation in the highly sensitive Alaskan trades is an achievement with which OSG has proudly been associated,” Sam Norton, OSG’s President and CEO, said.Norton added that the contracts concluded with BP Alaska provide an aggregate of 14 years of firm time charter commitments, adding increased visibility and stability to OSG’s book of forward revenue streams.As disclosed, each contract provides the charterer with options to extend the charter period beyond the base contract period, providing the framework for a continuing working partnership.OSG’s 21 vessel fleet consists of two conventional ATBs, two lightering ATBs, three shuttle tankers, 10 conventional MR tankers, and two non-Jones Act MR tankers as well as two Marshall Island flagged non-Jones Act MR tankers trading in international markets. In addition, OSG has two barges under construction in the U.S. that will be Jones Act qualified vessels, with delivery in 2020.last_img read more