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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 ...

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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: ...

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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. ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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Ince & Co recruits shipping and international trade partner in Monaco

International law firm Ince & Co is pleased to announce that Ian Fisher, a partner specialising in shipping, international trade, ship-building and off-shore oil and gas matters has today joined the firm’s Monaco office. Ian is well known to Ince & Co, having trained in the firm’s London office and having practiced there for more than four years. Ian’s core practice focuses on dry shipping, international trade, ship-building and off-shore oil & gas disputes. He also has significant non-contentious experience, in particular in relation to ship-building and off-shore construction contracts. ...

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Unclear Surety Instruments Guarantee Trouble? Autoridad del Canal de Panamá v Sacyr, SA & Ors1

Guarantees and on demand bonds are the lifeblood of international trade, and nowhere is this truer than in the construction sector, where cash flow is critical. Therefore the courts’ approach to the interpretation of such instruments will be of interest to all potential issuers and beneficiaries. In its recent judgment in the case of Autoridad del Canal de Panamá v Sacyr, SA & Ors, the Commercial Court revisited the principles which will be used to determine how these instruments are construed. Here, an employer’s application for summary judgment rested on ...

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Coast Guard Revises Vessel Documentation Regulation

The U.S. Coast Guard issued a final rule on September 20, 2017 amending its U.S.-flag vessel documentation regulations. The final rule responds, in part, to an October 18, 2013 petition for rulemaking submitted by the U.S. Maritime Law Association (MLA) seeking to make both technical and substantive clarifying changes to existing regulations. According to the Federal Register notice, the Coast Guard’s final rule makes many of the MLA’s suggested technical changes. In addition, the notice suggested that “significant substantive changes may be the subject of future regulatory action.” One example ...

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Assuranceforeningen Skuld (Gjensidig) and another -v- Jesse Remalmog and others [2017] EWHC 2304 (Comm)

In this case the claimants asked Mr Justice Field to consider an application for summary judgment in respect of an anti-suit injunction. The main issue before the court was whether an LOU, issued by the claimants and accepted by the defendants, restricted the right of the defendants to pursue claims otherwise than before the High Court of Singapore. The factual background The claimants were the owners and insurers of “SEVILLA KNUTSEN” (‘the vessel’). On 18 April 2017 the vessel allegedly struck a coral reef located off the Eauripik Atoll, Federated ...

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