Share Facebook Twitter Google + LinkedIn Pinterest By Evin Bachelor, Law Fellow and Sr. Research Associate, The Ohio State University College of Food, Agricultural, and Environmental SciencesThe group Toledoans for Safe Water sought to put a “Lake Erie Bill of Rights” on the ballot this November as an amendment to the Toledo City Charter. The amendment would have stated that Lake Erie and its watershed “possess the right to exist, flourish, and naturally evolve,” and that the citizens of Toledo have a right to a clean and healthy environment.Enforcement would have been through a mix of revoking corporate licenses and privileges or criminal penalties if violated. Despite having enough signatures, the Lucas County Board of Elections refused to place the issue on the ballot, saying that the amendment contained provisions beyond the City of Toledo’s authority. The dispute made it up to the Ohio Supreme Court, which on Friday, Sept. 21, decided that Toledoans for Safe Water failed to prove that the Lucas County Board of Elections improperly denied their petition to place the issue on the ballot. The court’s decision is here.
zoom Monaco-based tanker owner Scorpio Tankers has received a commitment from Germany’s HSH Nordbank, one of the world’s biggest providers of shipping finance, for a loan facility to finance its two Medium Range (MR) product tankers.The loan in the amount of up to USD 34 million is expected to be used to refinance the existing indebtedness on the two tankers.Scorpio Tankers said that the availability is expected to be used to finance up to 60% of the fair market value of the vessels.The loan facility is subject to customary conditions precedent and the execution of definitive documentation.It has a final maturity of five years from the first drawdown date and bears interest at LIBOR plus a margin of 2.50% per annum.The remaining terms and conditions, including financial covenants, are similar to those set forth in the company’s 2016 Credit Facility, fully drawn in September 2016, and the aggregate proceeds of USD 288 million were used to refinance the existing indebtedness on sixteen MR product tankers.During the third quarter of 2016, Scorpio Tankers recorded a net loss of USD 27.1 million, compared to a net income of USD 85.3 million in the same period last year.The loss is primarily attributed to low Time Charter Equivalent (TCE) revenue that plunged to USD 114 million from USD 227.2 million on the year-on-year basis.