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Shipping company fails in claim for €95,000 against arrested vessel

An Estonian shipping company has failed in its High Court claim for breach of contract in relation to a ship which was arrested when it came into Irish jurisdiction over alleged non-payment of €95,000 for services allegedly provided for the vessel. Atlas Baltic sued the owners and all persons claiming an interest in the MV Lady Magda, which was registered in and flies under the flag of the Netherlands. It was arrested in Irish waters in July 2017 and the owners later put up security for its release. It has ...

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Technology to address environmental issues and emissions ranks above blockchain as the most significant driver of change over the next five years, according to survey conducted by Reed Smith

In a survey conducted by global law firm Reed Smith, industry participants were asked: Which technology will be the most significant driver of change over the next five years? The industry responded that analytics of big data and technology to address environmental issues and emissions were equally significant, at 40 per cent each, while blockchain was considered the most significant driver of change by only 20 per cent of respondents. Broken down by sector, 67 per cent of owners said technology to address environmental issues will be the most significant ...

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WFW advises Okeanis Eco Tankers Corp. on US$100m Oslo IPO

Watson Farley & Williams (“WFW”) advised Okeanis Eco Tankers Corp. (“Okeanis”), the Piraeus-headquartered international shipping group owned by the Alafouzos family, on the oversubscribed US$100m initial public offering (“IPO”) of its new eco-friendly US$1bn crude tanker fleet, Okeanis Eco Tankers (”Okeanis”), on Oslo’s Merkur Market. Okeanis’ fleet consists of three aframax and three suezmax tankers, four of whom currently have time charters in place. It also has eight very large crude carriers (“VLCCs”) currently under construction at Hyundai Heavy Industries’ Ulsan yard in South Korea. This placement will cover Okeanis’ ...

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WFW advises Grindrod Shipping on dual listing

Watson Farley & Williams (“WFW”) advised Grindrod Shipping Holdings Ltd. (“Grindrod Holdings”), the shipping arm of South African transportation and logistics provider, Grindrod Limited, on its spin-off from its parent and its US$320m primary listing on NASDAQ and secondary listing on the Johannesburg Stock Exchange. WFW acted as Singapore-based coordinating counsel advising on various operational aspects of the project and assisting with the listing processes in both New York and South Africa. Grindrod Holdings is the Singapore-incorporated holding and listing vehicle for the shipping business formerly owned by Grindrod Limited. ...

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WFW advises Pacific Basin Shipping on US$325m refinancing of 50 vessels

Watson Farley & Williams (“WFW”) advised PB Vessels Holding Limited, a wholly owned subsidiary of Hong Kong listed dry bulk shipping company Pacific Basin Shipping Limited, on a US$325m secured revolving credit facility in relation to the refinancing of 50 vessels extended to it by a syndicate of international banks. This long term facility will provide the company with access to committed funding to operate its handy-sized fleet with freedom, flexibility and ease. The WFW Hong Kong Maritime team advising Pacific Basin was led by WFW Hong Kong Office Head ...

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The Alhani – English High Court clarifies the applicability of the Hague Rules Time Limit to Misdelivery Claims

In an important judgment issued on 15 June 2018 the English High Court held that a shipowner who misdelivered cargo to a third party without production of the bill of lading can still avail himself of the time bar protection prescribed by Article III Rule 6 of the Hague Rules. The Facts The tanker Alhani was chartered to carry a cargo of bunker fuel. The cargo was carried under a bill of lading which incorporated the Hague Rules, as well as an exclusive jurisdiction clause in favour of the English ...

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Ince & Co’s London finance team advises Golar LNG on landmark US$960 million post-acceptance lease financing and delivery of FLNG Hilli Episeyo with CSSC Shipping

International law firm Ince & Co LLP has advised long-standing client Golar LNG Limited on a US$960 million sale and leaseback of their converted FLNG vessel the Hilli Episeyo with CSSC (Hong Kong) Shipping Company Limited. Golar LNG Limited (“Golar LNG”) is one of the world’s largest independent owners and operators of marine-based LNG midstream infrastructure, active in the liquefaction, transportation and regasification of natural gas. Its shares are listed on NASDAQ (NASDAQ: GLNG). The sale and leaseback financing between Golar LNG subsidiary Golar Hilli Corporation and Fortune Lianjiang Shipping ...

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“Always accessible”: arrival, departure or both?

An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to a charterer. The Commercial Court has now settled the debate as to whether that warranty also transfers the risk of delays in departing the berth post the completion of cargo operations to the charterer. The Court concluded that it did. The background facts The Vessel was chartered for a voyage from the US Gulf to the Republic of Congo and Angola, on an amended GENCON 1994 form which, amongst other ...

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HFW Appointed As Honorary Solicitors To Worshipful Company Of Shipwrights

Global, sector-focused law firm HFW has been appointed as Honorary Solicitors to one of the City of London’s oldest livery companies, The Worshipful Company of Shipwrights. HFW has agreed to serve as the Company’s external legal advisor for an initial period of two years. Craig Neame, Head of Shipping, HFW: “This is a great honour for the firm and reflects the commitment of all our partners, associates and mariners to our great and ancient industry.” HFW is widely recognised as the world’s leading shipping and maritime law firm. The firm ...

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Turkey: Arrest Of Ships Under Turkish Law

The general principles on maritime enforcement are set out in Turkish Commercial Code (“TCC”) numbered 6102. On the other hand, Turkey has ratified the International Convention on Maritime Liens and Mortgages, signed in Geneva on 6 May 1993 and the International Convention on the Arrest of Ships, signed in Geneva on 12 March 1999 and both conventions have been come into force on 25 March 2017. The provisions of these two conventions have already been taken into consideration by the drafting committee of the code, and the relevant provisions have ...

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HFW Boosts Greek Ship Finance With Partner Appointment And Senior Associate Hire As Office Celebrates 25th Anniversary

Sector-focused law firm HFW has boosted its leading Greek ship finance practice with the promotion of Piraeus consultant Kalliopi Karaiskaki to partner and the hire of senior associate Dimitra Gelti. Kalliopi has also been appointed as head of the firm’s ship finance practice in Piraeus. The moves continue HFW’s expansion of its global ship finance practice, following the hire of senior partner Siri Wennevik, who joined the firm’s Singapore office in January from Wikborg Rein, where she was previously Singapore managing partner. HFW now has 15 ship finance partners across ...

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WFW advises Citibank and Nordea on ECA backed loan restatement resulting from Euronav/Gener8 merger and the sale of six VLCCs to International Seaways

Watson Farley & Williams (“WFW”) has advised Citibank N.A, London Branch (“Citibank”) as lender and ECA Agent and Nordea Bank AB (publ), New York Branch (“Nordea”) as lender and Facility Agent on the amendment and restating of a US$385m financing originally made to the Gener8 Maritime group (“Gener8”). Following the Gener8/Euronav merger, International Seaways Inc (“INSW”) acquired the entire share capital in the Borrower entity via a shares sale, and as a result of such shares sale acquired six very large crude carrier vessels (“VLCCs”). INSW have also taken over ...

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Former OW Bunker manager appeals 18-month jail term

The former manager of marine fuel supplier OW Bunker’s Singapore subsidiary said on Tuesday he would appeal the 18-month jail term he was sentenced to last month, his lawyer told Reuters. On May 30, a Danish city court found Lars Moller, former head of Dynamic Oil Trading in Singapore, guilty of granting credit outside his mandate, contributing to OW Bunker’s bankruptcy. Moller’s defence lawyer said on Tuesday, that they would appeal the verdict and aimed for him to be “fully acquitted”. The 2014 bankruptcy of the firm, then the world’s ...

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WFW advises PSA Sines on Portuguese container terminal refinancing

Watson Farley & Williams LLP (“WFW”) advised PSA Sines – Terminais de Contentores S.A. (“PSA Sines”) in connection with a term and revolving credit facility made available to it by a syndicate of four Portuguese banks led by Banco BPI S.A. as agent. The facility was made available to PSA Sines for the purpose of refinancing its container terminal at the port of Sines which, covering an area of 25ha, is the largest of its kind in Portugal. PSA Sines is indirectly owned by leading global terminal investment companies PSA ...

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WFW advises ZEABORN on joint venture with Intermarine Group

Watson Farley & Williams (“WFW“) has advised Bremen-based ZEABORN Group (“ZEABORN”) on its new project and heavy-lift cargo joint venture with Houston-based Intermarine Group (“Intermarine”), ZEAMARINE. The transaction entails the transfer of all relevant multi-purpose and heavy-lift assets and operating entities from both Intermarine and ZEABORN, including the latter’s subsidiary Rickmers Line, to ZEAMARINE. The two parent groups remain wholly independent outside of the joint venture. The transaction remains subject to approval from competition authorities. ZEAMARINE has more than 75 vessels, expected to exceed 100 by year-end, and will operate ...

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