Coast Guard corrects lease-financing rule for coastwise trade
The U.S. Coast Guard has issued a correction to its recent regulation pertaining to lease financing for ships engaged in coastwise trade.
“The preamble to the original rule stated that the grandfathering provision applied to vessels that were issued a coastwise trade endorsement within 30 days after the final rule was issued,” said Dennis Bryant, an admiralty attorney in Washington, D.C.
“The correction makes it clear that, for the grandfathering provision to apply, the coastwise trade endorsement must have been issued not later than the date the final rule was issued, which was Feb. 4,” Bryant said.