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The EU Taxonomy for Sustainable Investments – Transport

Regulation (EU) 2020/852 of the European Parliament and EU Council (the ‘Taxonomy Regulation’)¹ came into force on 12 July 2020, although it will not start applying until 1 January 2022 at the earliest. It represents a key step towards the EU’s objective of achieving a climate neutral union by 2050. “The taxonomy is likely to be a key tool in assessing any green supporting factors under banks’ prudential rules (e.g. capital adequacy treatment).” The Taxonomy Regulation provides uniform criteria for companies and investors to determine whether an economic activity is ...

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WFW advises Banco BPM on €28m facility to Grimaldi Euromed

Watson Farley & Williams (“WFW”) has advised Banco BPM S.p.A. (“Banco BPM”) on a €28m loan facility granted to Grimaldi Euromed S.p.A. (“Grimaldi Euromed”) to finance the acquisition of a new PCTC (Pure Car & Truck Carrier). The new unit “Grande Texas” was delivered on 26 January 2021 and is the sixth of seven car carriers ordered by Grimaldi Euromed from the Yangfan shipyard in Zhoushan, China. With a gross tonnage of 65,148 tonnes, a transport capacity of approximately 7,600 CEUs (Car Equivalent Units) and a cruising speed of 19 ...

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Singapore maritime arbitration aims to be go-to venue for shipping users in Asia

Despite a Covid-challenged year, the Singapore Chamber of Maritime Arbitration (SCMA) took on a heavier caseload last year, and is forging ahead to be the go-to destination for maritime and trade users based in Asia. It was a year when hearings went digital and new linkages were forged, said the chairman of SCMA, Justice Chao Hick Tin. “With Singapore growing into a leading maritime and arbitration centre, its key users have also grown across the region. SCMA’s new vision – to become the leading maritime arbitration centre in Asia – ...

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Introducing hydrogen – A beginner’s guide

Oui, mes amis, je crois que l’eau sera un jour employée comme combustible, que l’hydrogène et l’oxygène, qui la constituent, utilisés isolément ou simultanément, fourniront une source de chaleur et de lumière inépuisables et d’une intensité que la houille ne saurait avoir. Yes, my friends, I believe that water will one day be employed as fuel, that hydrogen and oxygen, which constitute it, used singly or together, will furnish an inexhaustible source of heat and light of an intensity of which coal is not capable. Jules Verne, L’Île mystérieuse (The ...

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Ince launches an integrated cyber security solution for the maritime sector in cooperation with Mission Secure

Industry-first integrated legal advisory, business consultancy and technology offering – helping ship owners and operators navigate the sector’s greatest challenges and IMO 2021 cyber compliance 1 February 2021, London – International legal and professional services firm, Ince, is pleased to announce the launch of a specialist cyber security solution in conjunction with Mission Secure, one of the world’s leading Operational Technology (OT) cyber security companies. The venture signals the development, by newly established InceMaritime, of a first of its kind integrated legal advisory, business consultancy, and technology offering for the ...

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Wikborg Rein Expands Marine Casualty And Emergency Response Team

Leading international law firm Wikborg Rein is expanding its marine casualty and emergency response team with the hire of new Admiralty Manager Matt Berry with effect from February 2021. Matt, a former mariner and a qualified solicitor, joins from Ince where he has been specialising in maritime casualties and claims. At Wikborg Rein, Matt will investigate and handle ship casualty cases as well as working on, and helping expand, the firm’s already significant admiralty practice. Matt began his career at sea with James Fisher, working on coastal product tankers, before ...

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Chinese to serve 26-year term for pirate killings

The Kaohsiung District Court on Friday sentenced a Chinese man to 26 years in prison for ordering the killing of four alleged pirates in 2012, when he was serving as the captain of a Taiwanese fishing vessel. Wang Fengyu, 43, was convicted of homicide and for breaching the Controlling Guns, Knives and Ammunition Act, the court said. The incident happened on board the Kaohsiung-registered longliner Ping Shin No. 101 in the Indian Ocean off the Somalian coast on Sept. 29, 2012. Wang ordered two Pakistanis he had hired as acting ...

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WFW advises US maritime lender on US$56m senior loan facility for Seamax

Watson Farley & Williams (“WFW”) has advised a US maritime lender on a US$56m senior secured financing for Seamax Container Shipping II LLC (Seamax”). The loan is secured by four container ships operated by Seamax Shipping. Seamax operates a fleet of 12 modern, post-Panamax container ships and provides the world’s top shipping lines with over 1.2m deadweight tonnage in carrying capacity. The cross-border WFW Maritime team that advised on this deal was led by London Asset Finance Partner Kavita Shah, supported by Senior Associate John Man and Associate Charlotte Humphreys. ...

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Clyde & Co and StormHarbour act as advisors for SHUAA-led consortium to buy out debt of Stanford Marine Group

Global law firm Clyde & Co and StormHarbour Securities LLP, a global investment banking boutique, announced that they acted as sole legal advisors and financial advisors respectively for a debt buyout of Stanford Marine Group’s AED 1.13 billion (USD 308 million) facility by SHUAA Capital, resulting in a successful outcome for all parties involved, including the participating banks. SMG is one of the most prominent and diversifed offshore services companies in the Middle East, with a focus on chartering, building and repairing offshore support vessels for the oil and gas ...

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Norway: Towards A More Sustainable Shipping Industry – Where Are We Now?

Recent years have seen an increased awareness of sustainability issues by governments, international organisations, financial institutions, investors and consumers, also affecting the maritime sector. Shipping is the lifeblood of the global economy, responsible for the carriage of more than 80% of world trade. While carriage of goods by sea is more carbon efficient than carriage by trucks or planes, the combined shipping industry could make the 6th place if added to the list of the world’s biggest greenhouse gas (GHG) emitting countries. The Third IMO GHG Study of 2014 has ...

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WFW advises group of core creditors on Bourbon Maritime debt restructuring

Watson Farley & Williams (“WFW”) has advised an enlarged working group of creditors comprising certain French banking groups (the “French Creditors”), ICBC Leasing and Standard Chartered Bank (together, the “Creditors”) on the shipping-related aspects of the debt restructuring of French shipowner BOURBON Maritime (“Bourbon”). The restructuring was extremely complex and challenging, and involved innovative strategies which have not been previously adopted in the maritime sector. During the three years it took to complete the restructuring, the Creditors successfully converted part of their debt into shares in Société Phocéenne de Participations ...

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Ince Piraeus adds lateral hire to expanding shipping team

International legal and professional services firm Ince has announced the hire of Konstantinos (Dinos) Mexias as Partner in Piraeus, to strengthen its already world leading shipping team. Dinos is an accomplished finance specialist, with skills across all aspects of ship finance. During his career, most recently at Watson Farley & Williams, he has advised and acted on behalf of major banks, private equity investors and shipping companies, both private and listed. His ship finance expertise includes loan financings, sale and lease back transactions, restructurings and loan portfolio transfers, in addition ...

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Imposing Sanctions Related to the Islamic Republic of Iran Shipping Lines and Iranian Shipping Entities

In June 2020, the State Department sanctioned the Islamic Republic of Iran Shipping Lines (IRISL) pursuant to Executive Order 13382 (WMD Proliferators and Their Supporters). At that time, we underscored the fact that IRISL is the preferred shipping line for Iranian proliferators and procurement agents. We have warned industry that those who do business with IRISL, its subsidiaries, and other Iranian shipping entities, risk sanctions. Today, we are sanctioning seven entities and two individuals for such conduct. As a part of this action, the State Department is imposing sanctions on ...

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CIT Serves as Sole Lead Arranger of $56 Million Financing for Container Ships

CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $56 million senior secured financing on behalf of Seamax Container Shipping II LLC. The loan is secured by four containerships operated by Seamax Shipping, an existing CIT client. Seamax currently operates a fleet of 12 modern containerships in major trade lines worldwide. “We were impressed by CIT’s agility and industry knowledge as we worked to secure financing for these core assets of our fleet,” said Ron Petrunoff, Managing Partner, Seamax Capital ...

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Supreme Court provides clarity on arbitrators’ duty of disclosure and impartiality

The Supreme Court clarifies an arbitrator’s duty of disclosure in circumstances of multiple appointments and overlapping subject matter that could give rise to a possibility of bias. Disclosure is dependent on the facts of the case, the nature of the arbitration, whether a fair-minded and informed observer would infer an apparent bias. Background This appeal follows on from a dispute arising out of the Deepwater Horizon BP oil rig explosion and fire in the Gulf of Mexico in 2010. The appellant, Halliburton Company (‘Halliburton’), provided cementing and well-monitoring services to ...

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