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Ship finance without a ship? Addressing the risks of newbuild financing

“ It is good that I make you build, of this ship which shall sail on the sea, the hull, the decks and the mast, and then on a sunny day, like on a wedding day, I have you dress her of sails and gift her to the sea.” Whether it is, as for Antoine de Saint-Exupéry, a result of one’s poetic nature, or for more prosaic purposes, there are a variety of reasons for ordering new vessels. Some shipowners do so to satisfy their specific trading needs or to ...

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Tai Prize Case Highlights Difficulties for Masters over Bills of Lading, says Swedish Club

The recent case of the Tai Prize has underlined how important it is for a Master to fully understand the implications of signing a bill of lading, says The Swedish Club. The Tai Prize ruling reiterates the legal principle that a Master must sign a bill of lading only if it accurately describes the condition of the cargo, irrespective of any commercial pressures he may be facing. Whilst leading law firms will no doubt continue to explore the complexities surrounding this issue; the bottom line is that the brunt of ...

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Attorney General Bonta and CARB Secure Decision Overturning Flawed Environmental Review for China Shipping Terminal Project

California Attorney General Rob Bonta and the California Air Resources Board (CARB) secured a decision from the San Diego County Superior Court overturning the Port of Los Angeles’ approval of the revised China Shipping Terminal project and certification of its Supplemental Environmental Impact Report (EIR). “Communities around the Port of Los Angeles are already suffering from negative health impacts associated with chronic exposure to air pollution,” said Attorney General Rob Bonta. “This decision invalidating the Port’s flawed environmental analysis for the China Shipping Terminal project is an important victory and ...

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WFW advises MSC Cruises on €353m ECA-backed financing of PortMiami mega cruise terminal

Watson Farley & Williams (“WFW”) has advised MSC Cruises on the €353m financing of a new mega cruise terminal at the Port of Miami (“PortMiami”), Florida. The construction contract is with Italy’s highly regarded Fincantieri shipyard and the project is being backed by Italian ECA SACE. Construction is expected to be completed in December 2023 and, when finished, will be the largest cruise terminal in the US. Built in accordance with the criteria set by the Green Building Rating Systems (GBRS) for eco-compatibility, the new terminal features three berth docks ...

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Reasonably secure or allowed to arrest?

The collision in July 2018 between the Panamax Alexander, Sakizaya Kalon and Osios David has spawned several judgments already, on both substantive and procedural issues. The recent decision of the UK Court of Appeal is the next chapter in a story which looks to have more chapters to go. “The Court of Appeal was asked to consider the construction of ASG2.” The Court of Appeal was asked to consider the construction of ASG2, the Admiralty Solicitors Group standard form collision jurisdiction agreement, following Mr Justice Teare’s judgment at first instance. ...

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Beyond the Ocean Shipping Reform Act: Recent FMC Decisions and Settlement Implications

Since its passage on June 16, 2022, the shipping industry is understandably focused on the implications of the Ocean Shipping Reform Act of 2022 (OSRA) (Pub. Law No. 117-146, 2022 Enacted S. 3580), and the rulemakings that will follow. In the meantime, the ongoing activities at the Federal Maritime Commission (FMC) are continuing to establish guidance on shipping practices and charges through its investigation and adjudicatory authority. Background and Investigations First, as addressed in a previous Holland & Knight alert, FMC Commissioner Rebecca Dye recently released the Final Report on ...

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Carbon Taxes in the Shipping Industry—Assessing Japan’s Proposal

There are growing calls for a carbon tax on shipping emissions. Jim Loftis, Ciara Ros and Tatiana Freeman of Vinson & Elkins look at the recent proposal from Japan for a global carbon tax, assess it in the context of the existing approaches in other jurisdictions and industries, and consider how those involved in the maritime industry need to prepare. The shipping industry currently accounts for 3% of global emissions, and according to certain estimates, if unchecked, shipping could account for as much as 20% of global emissions by 2050. ...

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WFW advises ING on US$40m sustainability-linked loan with BW LPG for four VLGCs

Watson Farley & Williams (“WFW”) advised ING Bank N.V., Singapore Branch (“ING”) as agent and sustainability coordinator on amending a syndicated facility agreement with BW LPG Holding Limited (“BW LPG”) for four very large gas carriers (“VLGCs”) originally signed in 2016. In addition to upsizing the facility, the amendments aimed at incorporating sustainability linked provisions into the facility, highlighting the conscious effort of all parties involved to support and recognise the importance of ESG in maritime facilities. The WFW Singapore team advising ING was led by Asia Assets & Structured ...

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Hill Dickinson boosts Singapore shipping team with two senior hires

International maritime law firm Hill Dickinson has boosted its team in Singapore with the hire of two new senior shipping team lawyers. Binoy Dubey joins the company as Counsel and Master Mariner, while Matthew Dow, joining as a partner, brings significant experience in wet and dry shipping and offshore disputes. These hires significantly boost the Singapore office’s casualty and marine disputes capacity, bringing in additional diverse skills and experience to the already top-ranked team. Binoy is an Extra-Master Mariner and an English qualified solicitor with significant seagoing and onshore experience. ...

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Exam successes add two new Fellows and two new Senior Associates for Association of Average Adjusters

The Association of Average Adjusters has congratulated two new Fellows and two new Senior Associates after they qualified on passing the Association’s most recent examinations. Phillip McCabe and John Thompson have become Fellows, and Jack Ellis and Ayodeji Sasegbon are now Senior Associates. Association chairman for 2022-23 Michiel Starmans congratulated the four members for their success in the rigorous examinations which test participants on a wide range of expertise in adjusting, insurance, and legal issues. Liverpool-based Mr McCabe joined Richards Hogg Lindley in August 2013. He has handled a variety ...

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WFW advises Snam on US$350m acquisition of Golar Tundra

Watson Farley & Williams (“WFW”) has advised Snam S.p.A. (“Snam”), one of the world’s leading energy infrastructure companies, on its US$350m acquisition of Golar LNG NB13 Corporation, owner of the “Golar Tundra” floating storage and regasification unit (“FSRU”), from its parent company Golar LNG Limited (“Golar”). The “Golar Tundra”, was built in 2015 and can operate both as an LNG carrier and as an FSRU. It has a storage capacity of about 170,000 cubic metres of LNG and a continuous regasification capacity of 5bn cubic metres per year and will ...

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Offshore wind powers electric vessels

This summer is set to see the world’s first offshore charging points for electric vessels. These will be built and installed on the Lynn and Inner Dowsing wind farms, situated off the Lincolnshire coast comprising 54 turbines and a capacity of 194 megawatts. The project of installing the charging points is delivered in partnership with Innovate UK and has funding from the UK Department for Transport. The project aims to use an existing wind farm, along with its infrastructure, to trial electric charge points on wind turbine pillars in order ...

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Navigating decarbonisation – contractual considerations

With mounting global efforts to combat climate change, the shipping and offshore sectors are subject to ever-increasing scrutiny and regulatory intervention. Reed Smith shipping partner Nick Austin and associate Eleni Pilaviou highlight the significant challenges of decarbonisation for shipowners and operators. To meet IMO’s target of reducing carbon emissions by at least 50% by 2050, the Energy Efficiency Existing Ship index (‘EEXI’, which effectively measures emissions per cargo ton mile) and the Carbon Intensity Indicator (‘CII’, a rating from A to E for operational carbon intensity) will need to be ...

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International Maritime Organization Focus On Safety And Security Of Ships And Seafarers In Black Sea And Sea Of Azov

In direct response to the maritime crisis, the Secretary-General of the International Maritime Organization (“IMO”) convened an Emergency Task Force (“ETF”) to attempt to minimize the danger to the shipping industry and the extreme health risks to crewmembers stranded in the region.1 To that end, the ETF developed a stranded ship reporting form and disseminated advice and guidance to the Flag States. The Crisis in the Region At the inception of the conflict, IMO reported that approximately 94 vessels and 2000 seafarers were stranded in Ukrainian ports, including but not ...

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Ince bolsters presence in Greece with seven new hires in Piraeus office

International legal and professional services firm Ince is growing its Piraeus office with the addition of three shipping litigators, three ship finance experts, and an additional mariner to the admiralty team. The expansion follows the appointment of partners Konstantinos (Dinos) Mexias and Aris Moschopoulos in 2021, which, coupled with the calibre of Ince’s clients in the region, has created the need to bolster the team and attract more talent to the firm. Associates Ioanna Gavriiloglou and Henry Stockley, and Trainee Christos Palimeris will join the shipping litigation team. Ioanna brings ...

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