Home / Shipping News / Shipping Law News

Shipping Law News

WFW advises Höegh LNG on ECA-backed US$230m debt financing for eighth FSRU

International law firm Watson Farley & Williams (“WFW”) advised Höegh LNG Ltd (“Höegh LNG”) on the US$230m debt financing for its eighth floating storage and regasification unit (“FSRU#8”) currently under construction at Hyundai Heavy Industries (“HHI”) in South Korea. The facility comprises a twelve-year export credit agency term loan of up to US$150m backed by Garantiinstituttet for Eksportkreditt and Eksportkreditt of Norway, and a five-year non-amortising commercial bank loan of up to US$80m funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank. ABN Amro also acted as Agent and ...

Read More »

WFW advises Teekay LNG on U$327m FSU and LNG carrier newbuild financing

International law firm Watson Farley & Williams (“WFW”) has advised Teekay LNG Partners L.P. (“Teekay LNG”) on the US$327m long-term financing signed in November 2017 to fund a floating storage unit (FSU) for the Bahrain regasification project, and one M-Type, Electronically Controlled, Gas Injection (MEGI) liquefied natural gas (LNG) carrier newbuilding. The FSU will be chartered over 20 years from the third quarter of 2018 and the MEGI LNG carrier has a 13-year charter contract with BP starting in early 2019. New York listed Teekay LNG is one of the ...

Read More »

German Courts issue a landmark judgement on non EU crew working in German waters

In October 2017, the Atlantic Tonjer was working at sea in German waters when the German police boarded the ship and issued an order to the Master and owners to remove two crew, both non EU nationals, from the ship immediately. They also ordered the two crew members to leave the country. This order was issued by the marine police on the basis that the non EU nationals were not entitled to be working on board a “mobile working platform” inside German waters (12M limit). One of the crew members ...

Read More »

Global Ship Lease high yield bond offering underlines continued energy in shipping financing market

Allen & Overy said today the USD360 million bond offering and related super senior term loan from Global Ship Lease highlights the energetic nature of the shipping financing market, as market players seek to diversify their funding sources by tapping the debt capital markets and taking advantage of the low interest rate environment to realise their business plans. Global Ship Lease owns and charters out containerships under mainly long-term, fixed-rate charters to top tier container liner companies including CMA CGM and Orient Overseas Container Line (OOCL). It owns 18 vessels, ...

Read More »

Overcoming the principle of “reflective loss”

In an important recent decision the Commercial Court confirmed the availability of specific performance of a shareholder’s rights under shareholder agreements as a means to dodge the difficulties created for shareholders by the principle of ‘reflective loss’. Background Facts Oceanic Trans Shipping Est was one of three shareholders in two joint venture companies, who owned two very large crude oil carriers (“VLCCs”). The other shareholders were Latin American Investments Limited and Maroil Shipping Inc. The shareholders were party to two shareholder agreements, under which the VLCCs had been made available ...

Read More »

Web Alert: Cape Town Port suspends sale and supply of fresh water to ships

The club is aware that the South African port of Cape Town has recently suspended the sale and supply of fresh water to ships calling at the port, with exceptions considered only in extreme cases. The restriction has been imposed due to serious and prolonged drought conditions in the Cape Town area over the past few years. Ships that require water are advised to take on water at other South African ports, noting however that water restrictions are also in force in Mossel Bay, Port Elizabeth and Ngqura. ​ Source: ...

Read More »

Hill Dickinson announces new partner appointment for Singapore office

International law firm Hill Dickinson is pleased to announce that partner Sumeet Malhotra has joined its Singapore office. Sumeet is qualified as an advocate in India and as a solicitor in England & Wales. He began his career as an advocate at the Mumbai Bar, practicing at a Chambers which specialised in shipping and commodity trading matters. He went on to occupy an in-house position at Bernhard Schulte Shipping in Hong Kong, where he dealt with charterparty disputes, marine casualties, crew compensation claims, piracy matters and ship manager’s liability claims. ...

Read More »

Ince & Co warns of “evolving and expanding cyber-threat” for shipping and logistics industries

Leading international law firm Ince & Co has advised shipping and transportation companies to prepare for more cyber-attacks in the wake of recent high-profile incidents. Following the widespread impact and disruption caused by the WannaCry and NotPetya attacks earlier this year, a spate of incidents in the recent weeks has highlighted the evolving threat to not only shipping companies, but other parts of the supply chain. Shipping company BW Group revealed last month that it was hacked in July, causing its computer systems to go offline. In addition, so-called ethical ...

Read More »

WFW advises lenders on US$318m loan facility for five newbuildings

International law firm Watson Farley & Williams (“WFW”) has advised the lenders as lead counsel in relation to a US$318m syndicated senior loan facility which finances the acquisition of five newbuildings built by Hanjin Heavy Industries and Construction Philippines, Inc, by certain subsidiaries of CMB Financial Leasing (“CMBFL”). The vessels will be bareboat chartered upon delivery to Seaspan Corporation, a NYSE-listed container management company, and then sub-chartered to a leading global container shipping company. The loan proceeds will be used by CMBFL to finance the acquisition of the vessels under ...

Read More »

Shipping Act Saga Continues for Ro/Ro Carriers

In the latest development arising out of the Federal investigations into alleged anticompetitive activities among roll on, roll off carriers, original equipment manufacturer and automobile shipper Fiat Chrysler has filed a complaint with the U.S. Federal Maritime Commission alleging that the carriers “conspired and acted in concert to suppress competition for roll on, roll off cargo shipping services” purchased by plaintiffs. The complaint notes that U.S. Department of Justice proceedings are still ongoing, but have resulted in six shipping companies and four executives of those companies pleading guilty to violations ...

Read More »

The “Posidon” Suppliers Fail to Turn Claim Rankings Upside Down

In the recent Singapore case of The “Posidon”1, the High Court considered the order of priorities on the proceeds of sale of a vessel following a judicial sale, focusing on the circumstances in which it would change the usual order of priorities. The court concluded that it would not alter the usual order of priorities and that “powerful reasons” would be needed for such an alteration to take place. Background In February 2012 Piraeus Bank SA (the “Bank”) entered into a loan facility for US$17.1m with the registered owners of ...

Read More »

WFW advises BPM on US$28.8m L.G.R. di Navigazione refinancing

International law firm Watson Farley & Williams (“WFW”) advised Banca Popolare di Milano S.p.A. (“BPM”) regarding a US$28.8m loan facility granted to L.G.R. di Navigazione S.p.A. (“L.G.R. di Navigazione”) and secured by, inter alia, mortgages over two medium range ice class tankers, the “Cenito” and “Posillipo”. Founded in 1865 by future Italian Prime Minister Luigi Luzzatti, BPM was Italy’s second cooperative bank. It merged with Banco Populare on 1 January 2017, to form Banco BPM, Italy’s third largest retail and corporate banking conglomerate. Naples-headquartered L.G.R. di Navigazione provides a comprehensive ...

Read More »

Law Society of Scotland launches its first ‘massive open online course’

The Law Society of Scotland, together with law firm Addleshaw Goddard and the UK Chamber of Shipping, has developed a massive open online course (MOOC) about maritime law which starts on Monday 30 October. ‘Maritime law: an introduction to shipping transactions’, is a free online course, open to everyone who has an interest in developing their understanding of maritime law. The course will run for four weeks, with three hours part time learning from home. The Law Society developed the course together with Ed Watt, head of the shipping group ...

Read More »

The “PACIFIC VOYAGER” – English High Court decision on the nature of the shipowner’s obligation to get the vessel to the loadport

CSSA Chartering and Shipping Services S.A. v Mitsui O.S.K. Lines Ltd. The English High Court handed down judgment last week on a novel issue regarding the obligation on the owner under a voyage charter to proceed to the loadport by a certain time. During an intermediate voyage – i.e. after the charter had been fixed but before the beginning of the charter service – the vessel contacted with a submerged object in the Suez Canal. She had to be drydocked for repairs which would take months to complete, and the ...

Read More »

Shipping & The Law conference draws maritime royalty to Naples

Influencers and thought leaders from across the maritime industry convened in Naples to take part in the 8th edition of Shipping & The Law. Held in the 17th century splendour of the Court Theatre at the Royal Palace of Naples and organised by Studio Legale Lauro the event was hosted by Managing Partner Francesco S Lauro, the conference saw participation of a number of leading figures from shipowning, finance, law, insurance from Naples and around the world. A series of panels and interviews interspersed with keynotes from leading industry practitioners ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping