Watson Farley & Williams (“WFW”) has advised Nordea Bank Abp filial i Norge (“Nordea”), on a US$713m loan facility for Euronav NV, comprising a revolving credit facility of up to US$469m and a term loan of up to US$244m. The loan facility was signed on 11 September 2020 with the first drawdown on 15 October 2020. The first drawdown refinanced indebtedness in relation to nine VLCCs and three Suezmaxes and security included Belgian, Greek and French mortgages over these ships. The facility will also assist in financing part of the ...

In the current climate, ICS is working hard to support the shipping community and to provide guidance, recommendations and information for shipowners, seafarers and governments. To better serve the industry ICS is collecting information on the ability of ships to conduct crew changes during the COVID-19 pandemic. Shipping companies or masters are requested to complete an online form which is anonymous and takes only about a minute to complete for every successful or unsuccessful crew change. The form is available on the ICS website at the link provided on the ...

The International Group and its 13 constituent P&I Clubs, which are in turn mutually owned and governed by their shipowner and charterer members, have become extremely concerned about the detrimental effect upon the mental well-being of seafarers as a result of the prolongation of their contracts of employment due to the pandemic. It is fully appreciated that governments and port authorities have many pressing issues to contend with. However, the plight of seafarers should be high on everyone’s agenda. To the extent that the issue is not resolved, seafarers’ lives ...

West of England P&I Club, a leading insurance provider to the global maritime industry, has strengthened its offshore team with the appointment of Michael Stockwell as Offshore Underwriter. Michael Stockwell is a well-known figure in the salvage industry and joins West from his previous position as Director, Legal and Insurance, with Ardent Group. He brings extensive knowledge of the marine insurance sector, having also worked at the leading insurance broking house, Marsh. Stockwell’s appointment adds further technical expertise to West’s offshore team, as well as significant legal and commercial experience ...

As mentioned in the club’s previous news item on the Asian Gypsy Moth (AGM) season (2020), there is an addition of Argentina in the list of countries that are known to regulate and inspect vessels for AGM. Members are advised that the Argentinean National Health and Agri-Food Quality Service (SENASA) has recently issued Resolution 764/2020 that will enter into force from January-2021, imposing specific measures related to infestations of certain breeds of the Gypsy Moth. The regulation applies to all ocean-going vessels which have departed from or stayed in areas ...

There has never been greater focus by sanctions authorities on the maritime sector, with increasing pressure on owners, operators and insurers to adopt ever more extensive due diligence and compliance checks in order to manage these changing and complex risks. The US continues to impose new sanctions, including sanctions with extra-territorial effect, and there has been aggressive enforcement against the maritime sector, with both Cosco Dalian and Eagle Shipping feeling the effects. In addition, designation of shipowners and vessels in connection with US sanctions against Venezuela created headaches not only ...

In this article, we look at the construction of an FSRU and therefore it’s operations and contractual arrangements as compared with traditional LNG tankers and how that affects P&I cover. What is an FSRU? Natural gas is extracted and transported by pipeline, or liquified by cooling and transported by sea on specially constructed LNG tanker vessels. The liquified gas then needs to be re-gasified for use at destination. This regasification can take place by discharging to an onshore terminal or, alternatively, offshore to a purpose-built vessel or converted LNG tanker ...

Global business leaders are assessing the full impact of COVID-19 with a focus on getting the economy back on track. Here we look at the latest global vessel movement trends to see if the shipping industry is showing signs of recovery. May 2020 saw the following activity compared to 2019: A 10% global reduction in weekly distance travelled by containerships. Reductions in containership average weekly port visits across multiple regions. A 70.5% global reduction in distance travelled by cruise ships. Challenging risk aggregations of cruise ships in the Caribbean ahead ...

On 5 October 2020, the Nigerian National Petroleum Corporation (NNPC) issued a notice warning its clients and other stakeholders that the Nigerian Navy will investigate, and has arrested, ships that switch off their automatic identification system (AIS) when operating in Nigerian waters. It further reminds masters of their obligations under SOLAS Reg.V/19 to maintain their AIS in operation at all times, when underway or at anchor. The NNPC notice can be viewed here. AIS as a safety measure The objective of AIS is, according to the IMO, to enhance the ...

Further to the temporary postponement of enforcing documents for inland navigation by the ILT due to Covid-19, the current ILT position has changed.As of the 23 October 2020 the ILT will require additional evidence for continuing to use the temporary suspension of enforcement: •Demonstrate that it was impossible or difficult to comply with inspection, testing or certification due to Covid 19 measures; •A step‐by‐step plan indicating how inspection, testing or certification can be carried out within6 months after the end of the document.Depending on the type of certificate of the ...

West of England P&I Club has today announced the launch of Neptune, a comprehensive global information portal for Members, brokers and Club correspondents. Providing security, operational and bunker information at ports globally, the portal will deliver comprehensive information to all Club Members. The West’s Neptune tool was developed in conjunction with Geollect and incorporates data such as the Club’s claims experience, maritime security reports, sanctions, weather, sailing directions, maritime news, tides and a wealth of other port-specific information. It also creates an even faster and simpler way to access West’s ...

Exhaust gas cleaning systems (EGCS) – more commonly referred to as scrubbers – are an accepted equivalent measure in complying with the IMO 2020 global sulphur cap. The use of scrubbers has split the shipping industry. Ports around the world are looking at the impact of scrubber use in their waters. A number of ports and regions have already stated that they will not allow the discharge of washwater from scrubbers. The table below summarises North’s understanding of the positions taken by ports that have or will prohibit the use ...

The Club would like to draw Members’ attention to an unfortunate incident that resulted in the death of a crew member after he fell from a height during cargo operations. The Incident The incident occurred on a refrigerated general cargo vessel whilst it was loading a cargo of frozen fish from an ocean-going fishing vessel. The cargo transfer took place in open seas and utilised the vessel’s own crane. The operation involved eight crew members, six of which were stationed inside the cargo hold arranging the cargo whilst another was ...

Having collaborated over the last three years to produce global reports on the incidence of cargo theft, international freight transport insurer TT Club and BSI, the business improvement company, have once again come together to highlight risk; this time, specifically focusing in on South Africa. The report, entitled ‘Freight Crime in South African Supply Chains’ is made possible by fusing the threat and intelligence data and analysis from BSI’s Supply Chain Risk Exposure Evaluation Network (SCREEN) and TT Club’s insurance risk management and loss prevention insights. The full report is ...

At its recent board meeting, held on 8th October, the Board of The Swedish Club voted to continue to support an Environmental, Social and Governance (ESG) framework policy. This policy identifies the responsibilities of the Club and commits it to developing a series of practical measures to guide and support both employees and members in creating a truly sustainable organisation fit for the future. The Club’s organisation will be tasked with strengthening the role that the Club should play on the world stage and how its ESG commitments can translate ...