In the March 3, 2015 Federal Register, the Coast Guard published a request for comments related to the Vessel Documentation Renewal Fees established in August 2014. The Coast Guard is considering options for implementing multiyear renewals of endorsements of Certificates of Documentation and modifying the fee for services. This could provide a significant savings to owners of large fleets.
In the request for comments, the Coast Guard has asked for responses to specific questions regarding multiyear renewals, including the impact on ship mortgages of multiyear information verification and COD renewals and whether lenders would require additional information from the Coast Guard in connection with the management of their loans.
Comments are due on or before June 1, 2015, and must be submitted via the online docket at http://www.regulations.gov or reach the Docket Management Facility by that date.