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Where An Agreement Fails To Deliver

Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was finally decided by the Court of Appeal in 20131 . That decision has recently been considered in the High Court by Mr Justice Walker in Teekay Tankers Ltd v STX Offshore & Shipbuilding Co. Ltd, 2 a shipbuilding case of particular relevance to parties that enter into long-term agreements or options leaving delivery terms to be agreed. Agreeing to agree Under English law, you cannot ‘agree to agree’. Where parties agree ...

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WFW advises on US$172m ECA-supported loan facility for Scorpio Tankers

International law firm Watson, Farley & Williams (“WFW”) has advised a syndicate of banks including Macquarie Bank Limited (“Macquarie Bank”), Deka Bank Deutsche Girozentrale and export credit agencies The Export Import Bank of Korea (KEXIM) and Norway’s GIEK (Garanti-Instituttet for Eksportkreditt) as lenders and export credit support providers on a multiple tranche US$172m loan facility to Scorpio Tankers Inc. (“Scorpio Tankers”). The funds are to finance up to 60% of the market value of eight new-build MR product tankers under construction at the Hyundai Mipo Dockyard, South Korea. The tankers ...

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WFW advises Cassa di Risparmio di San Miniato on delivery of “Antignano” tugboat to Fratelli Neri

International law firm Watson Farley & Williams (“WFW“) has advised Cassa di Risparmio di San Miniato S.p.A. (“Cassa di Risparmio di San Miniato”) on the delivery of the “Antignano” tugboat to Livorno-based harbour towage company Fratelli Neri S.p.A. (“Fratelli Neri”). The “Antignano” is the first of two sister RASTAR 3200W tugboats ordered in 2015 by Fratelli Neri. The second tugboat, the “Montenero”, will be delivered in April this year. The tug was built in Rosetti Marino S.p.A.’s shipyard in Ravenna and is registered with the Genoese port authorities. WFW also ...

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EU Threatens to Bring Shipping Within Its Emissions Trading Scheme Unless the IMO Sets a Target for Reduction of Greenhouse Gas Emissions

Last week the top EU climate official, Jos Delbeke, issued a challenge to the International Maritime Organization (the IMO) to adopt an ambitious target for reduction of emissions as part of the IMO’s planned 2018 strategy on reduction of greenhouse gas emissions from ships. Existing IMO strategy The IMO has already introduced a raft of legislation in this area so far this decade. In 2011 the IMO adopted mandatory CO2 emission standards for new-build ships by way of an amendment to MARPOL Annex VI. Those measures came into force in ...

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The consequences of excluding consequential loss

Most commercial contracts contain provisions limiting liability or excluding certain categories of liability for breach of contract. More often than not, you will find one or both parties seeking to exclude liability for “consequential loss”. Time and time again, in breach of contract cases, the courts have to decide what exactly the parties meant by that phrase. Was the loss that was suffered a consequential loss and therefore not recoverable by the innocent party? This blog is about one such case. The English Commercial Court was considering an exclusion of ...

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Somali piracy dilemma over General Average treatment of shipowners’ expenses is highlighted at Association of Average Adjusters event in London

Marine average adjusters are at the centre of a conflict over whether shipowners should be compensated for having to stump up thousands of dollars in extra costs when extricating their vessels from the hands of Somali pirates. Although the sum at stake in the incident that has led to the controversy is modest in commercial terms, argument over the principle at issue is about to go all the way to the Supreme Court, the final court of appeal in the UK for civil cases. Opinion is sharply divided within the ...

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WFW advises BPM on financing for Rimorchiatori Riuniti

International law firm Watson Farley & Williams (“WFW“) advised Banco Popolare di Milano S.p.A. (“BPM”) regarding a loan to Rimorchiatori Riuniti Porto di Genova S.r.l., which is fully owned by Rimorchiatori Riuniti S.p.A., to finance its acquisition of the tugboat “Germania”. In 2017, BPM merged with Banco Popolare to create Banco BPM S.p.A, Italy’s third largest retail and corporate banking conglomerate. Leading Genoese international maritime group Rimorchiatori Riuniti S.p.A. is active across the shipping spectrum (tankers, bulk carriers and boxships), with its core-business deriving from port and offshore towage services. ...

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U.S. Fifth Circuit Judge Seeks to Change the Maritime Contract Test

On February 27, 2017, the United States Court of Appeals for the Fifth Circuit issued an opinion in which it affirmed a district court’s holding that a contract and an oral work order to provide flow-back services was a maritime contract. Specifically, the Fifth Circuit examined the contract using the multi-factor test articulated in Davis & Sons, Inc. v. Gulf Oil Corp., 919 F.2d 313 (5th Cir. 1990). Circuit Judge W. Eugene Davis, joined by Circuit Judge Leslie H. Southwick, in the concurring opinion, urged the Fifth Circuit to hear ...

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Ince & Co advises Golar LNG on US$187 million sale and leaseback of Golar Crystal with COSCO Shipping Development

International law firm Ince & Co LLP has advised long-standing client Golar LNG on a US$187 million sale and leaseback of their 2014-built 160,000 m3 liquefied natural gas carrier the Golar Crystal with COSCO Shipping Development. The Ince & Co team led by London-based partner Beatrice Russ comprised associate Elizabeth Lord, trainee solicitor Alex Troop, associate Louie Zhang in Shanghai and paralegal Xylona Chan in Hong Kong. Beatrice Russ commented: “We were delighted to assist the Golar team again with our long-standing expertise on sale and leaseback financing in this ...

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Watson Farley & Williams advises Crédit Agricole Carispezia on financing for Rimorchiatori Riuniti

International law firm Watson Farley & Williams (“WFW“) advised Crédit Agricole Carispezia on a new loan granted to Rimorchiatori Riuniti Porto di Genova S.r.l., a company fully controlled by Rimorchiatori Riuniti S.p.A., to finance the acquisition of the “Malta” tugboat and on the amendments to two existing financings granted in connection with the acquisition of the “Norvegia” and “Messico” tugboats, for a total amount of €15m. Crédit Agricole Cariparma S.p.A. is the Italian subsidiary of French banking group Crédit Agricole. Leading international maritime group Genoese Rimorchiatori Riuniti S.p.A. is active ...

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What is the right measure of damages when charterers walk away from a voyage charter?

It was the historic case of Smith v M’Guire (1858) 3 H & N 554 that established the prima facie for the measure of damages that can be recovered by a shipowner in case of repudiation of a voyage charterparty by a charterer. In the Smith v M’Guire case, the damages were calculated on the basis of the usual compensatory principle intended to financially reimburse the innocent party for the repudiatory breach. Specifically, the owners were able to recover, as damages, the amount of freight which the ship would have ...

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The ‘ghost ship’ set to be the future of shipping

With self-driving motor vehicles poised to be a real prospect on our roads by 2020, it is no surprise that the shipping industry is faced with the introduction of unmanned vessels on the seas. Rolls Royce, one of the key manufacturers in the unmanned vessel space, expects the first shore-side remote controlled vessels to sail within 10 -15 years. The key benefit of automation is the elimination of human input. It is well established that many of the incidents that occur on the road or casualties that occur on the ...

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It’s Smooth Sailing for a Shipping Company After Ninth Circuit Arbitration Victory

Last month, the Ninth Circuit issued a notable opinion addressing the enforceability of arbitration agreements in Poublon v. C.H. Robinson Co., 846 F.3d 1251 (9th Cir. 2017), mandate issued (Feb. 24, 2017). In Poublon, the employee filed a class action even though she signed a dispute resolution agreement that prohibited representative actions and required her to mediate and arbitrate all other claims. The court evaluated the agreement to determine if it was unconscionable under California law, which looks at both procedural and substantive unconscionability on a sliding scale. Although the ...

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Enforcing security against Hanjin Shipping containers – the 4 questions you need to ask

The Hanjin Shipping collapse initially impacted Shippers and Consignees, who had to navigate the waters of transhipment, security arrangements for the release of Hanjin containers, delivery of goods and return of containers to depots prepared to accept them. Now there is the problem for container terminals and depots in possession of Hanjin containers of what to do with those containers. Many are owed considerable and growing storage charges, in addition to maintenance, repair and storage charges in arrears. But, before seeking to enforce any claim against Hanjin containers, terminal and ...

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BIMCO ventures into ship finance with BIMCO SHIPTERM

On 9 January 2017, BIMCO published its first ship finance related form – “SHIPTERM”. BIMCO describes SHIPTERM as a simple, short form, non-binding, bi-lateral term sheet which is intended to be used for secured term loan ship financing transactions. BIMCO’s stated aim in publishing SHIPTERM is to provide an important tool for shipowners, banks, lawyers and other players in the industry involved in ship financing transactions. BIMCO presents SHIPTERM as being most useful to small and medium sized shipowners and banks with limited experience of negotiating ship financing facilities. BIMCO ...

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