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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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WFW advises Dea Capital on sale of five cargo vessels to Navigazione Montanari

Watson Farley & Williams (“WFW”) has advised IDeA CCRII Fund (“IDeA CCRII”), managed by DeA Capital Alternative Funds SGR S.p.A. (“DeA Capital”), on the sale of five cargo vessels to Navigazione Montanari Group (“Navigazione Montatari”). The five vessels, “Aethalia”, “Korsaro”, “Neverland Dream”, “Miss Marina” and “Miss Benedetta” were acquired by Euromont Shipping Company S.p.A. (“Euromont”), which is part of Navigazione Montanari, for a total purchase price of US$85m partly financed through a SACE guarantee loan structured by illimity Bank (“illimity”) and partly syndicated with Solution Bank. All five vessels will ...

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ZESTAs is proud to announce strategic collaboration with Ince

ZESTAs is proud to announce its strategic collaboration with Ince, a full-service law firm with one of the most respected and longstanding shipping practices internationally. The global drive to reduce emissions has meant that the maritime sector is under increasing legal and regulatory scrutiny. With Ince on board, ZESTAs has a world-leading partner to assist members in navigating an increasingly complex regulatory playing field and ensure meaningful compliance. Ince is helping ZESTAs and its members navigate a pathway to meaningful compliance assuring that: (i) the true spirit of the regulations ...

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WFW advises NSF on assets sale to HSCM

Watson Farley & Williams (“WFW”) has advised Northern Shipping Funds (“NSF”) on the sale of key business assets to Hudson Structured Capital Management (“HSCM”) which expands the latter’s transportation alternative investment platform. The combined transport platform will manage shipping and transport investments across the capital structure and will have assets under management and capital commitments of more than US$1bn which will bring HSCM’s firm-level assets under management and capital commitments above US$4bn. NSF is a leading provider of alternative capital to the shipping industry. Led by Sean Durkin and Sybren ...

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Ince Announces Four New Partners During Promotion Round

International legal and professional services firm Ince, today announces the promotion of four of its lawyers to partner. Jessie Blain becomes a new partner in the Ince Cardiff office. A key member of the real estate and commercial property team, Jessie has extensive experience across a wide range of property-related disciplines, including property development and housebuilders, acquisitions and disposals, social housing and secured lending. Her experience includes managing a plot sale team for a national house builder client, and managing the plot sales for an iconic landmark building in Cardiff. ...

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MT ZOUZOU: detention, constructive total loss and mortgagee’s interest insurance – Commercial Court clarifies scope of indemnity

The Commercial Court handed down judgment today in Piraeus Bank v Antares Underwriting Limited and others (‘The ZOUZOU’), providing clarity in respect of the proper construction and scope of indemnity cover of mortgagee’s interest insurance (MII) policies. Kennedys, together with Guy Blackwood QC and Benjamin Coffer of Quadrant Chambers, were instructed on behalf of the successful defendant MII underwriters. In the judgment, which will be welcomed by the international marine insurance market, the Commercial Court – after considering issues around detention and constructive total loss – rejected in full a ...

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WFW expands Asia Pacific asset finance practice with new Partner Hire

Watson Farley & Williams (“WFW”) is delighted to announce that asset finance expert Simon Collins has joined the firm in Hong Kong as Partner as of 1 May 2022. He was previously a Partner at White & Case in the same city. Simon, who was an associate at WFW in both London and Singapore before joining White & Case in 2005, is widely recognised as one of Asia’s top asset finance lawyers by leading legal and industry journals including Legal 500, Chambers and Airfinance Journal. He advises clients on complex ...

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The People’s Republic of China (PRC) acknowledges judicial reciprocity and recognises for the first time an English High Court judgment against a PRC incorporated entity

In the absence of any treaty or convention between the UK and the PRC on the mutual recognition of civil judgments, attempting enforcement of a judgment obtained in the English courts against a PRC entity has until now been a feat without precedent. However, a March 2022 Order handed down by the Shanghai Maritime Court (and approved by the PRC Supreme Court), has confirmed the principle of judicial reciprocity, thereby recognising and allowing enforcement of a series of English High Court judgments and rulings relating to a c.US$25m English Court ...

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WFW promotes eight lawyers to partnership for 2022

Watson Farley & Williams (“WFW”) has promoted eight lawyers to the firm’s partnership for 2022, bringing the total number of partners to 173. They are: Jennifer Charles – Energy & Infrastructure, London Jennifer specialises in UK and international project financings with a particular focus on renewables projects and related infrastructure. She has extensive experience advising on the financing aspects of projects in the energy, power, water and infrastructure sectors as well as commercial projects and regulatory matters. Christina Economides – Transport, Athens Christina focusses her practice on the maritime sector, ...

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Effect of constitution of a limitation fund on arrested ship or other security earlier furnished by the shipowner as security for a claim in the court

The Federal High Court of Nigeria sitting in Lagos has issued a landmark decision1 by which it ordered the cancellation of a Bank Guarantee which was furnished as alternative security by Shipowners to secure the release of their ship from arrest. The Court ordered the cancellation of the Bank Guarantee against the backdrop of the Shipowners constitution of a limitation fund pursuant to the limitation of their liability by the Court. The Plaintiff in the suit commenced an admiralty action in rem against a dredging vessel for alleged damage to ...

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