Watson Farley & Williams (“WFW”) has advised Tor Boreas Ltd. (“Tor Boreas”) on the senior and junior bond financing of a windfarm support vessel to be constructed at Tor’s facilities in Turkey, delivered to Tor Boreas and operated by Tor Group in the UK. The bonds are listed on The International Stock Exchange. Tor Boreas is part of UK-headquartered shipbuilder the Tor Group. This transaction represents a further step in the group’s ongoing diversification plan. The WFW London Assets and Structured Finance team advising Tor Boreas was led by Partner ...

A Regulatory Increase to the Limits of Liability for Oil Pollution and an Amendment Exempting Small Passenger Vessels from the Limitation of Liability Act Present New Challenges for Vessel Owners U.S. maritime law experienced two significant changes on December 23, 2022-one pertaining to liability for oil pollution, the other concerning small passenger vessels. First, the Coast Guard announced1 increases to the liability limits in the Oil Pollution Act of 1990 (“OPA”).2 OPA, which was passed in response to the 1989 oil spill from the EXXON VALDEZ in Alaska, makes the ...

Watson Farley & Williams (“WFW”) is delighted to announce the opening of its 18th international office in Seoul, South Korea with the arrival of new Partners Eugene Chang and Philip Kim who join the firm from K&L Gates and Herbert Smith Freehills respectively. WFW Seoul will offer services across the firm’s core sectors with a particular focus on maritime, aviation, energy and disputes work and will expand the firm’s offering across Asia and worldwide. Having a dedicated office in South Korea will also enable the firm to develop its existing ...

As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom (UK)—and Australia continue to wage an unprecedented multilateral economic pressure campaign that is marked by broad sanctions to punish Russia’s government and restrict its access to global markets, technology, and financial sources, ultimately for purposes of weakening Russia’s ability and will to continue its war of aggression in Ukraine. The latest tool of economic coercion ...

Article IV 5(a) of the Hague-Visby Rules (HVR) provides that the carrier shall not “…become liable for any loss or damage to or in connection with the goods in an amount exceeding the equivalent of 667.67 units of account per package or 2 units of account per kilogram of gross weight of the goods lost or damaged, whichever is the higher”. If only part of the cargo is damaged but all of the cargo is liable to pay salvage, should you calculate the limit on the basis of the weight ...

On 18 December 2022, the Council and the European Parliament of the EU reached a provisional political agreement on reforming the EU’s emissions trading system (EU ETS). The deal is pending formal adoption by both institutions and the full text is still awaited. Why is this important? • It is significant that in spite of rising energy costs and a recent period of relative political and economic instability, the EU has decided to go “harder and faster” when it comes to climate mitigation. The current reform is part of a ...

Empire Bulkers Limited and Joanna Maritime Limited, two related companies based in Greece, were sentenced today for committing knowing and willful violations of the Act to Prevent Pollution from Ships (APPS) and the Ports and Waterways Safety Act related to their role as the operator and owner of the Motor Vessel (M/V) Joanna. The prosecution stems from a March 2022 inspection of the M/V Joanna in New Orleans that revealed that required pollution prevention equipment had been tampered with to allow fresh water to trick the sensor designed to detect ...

INTRODUCTION The use of autonomous and remotely controlled vessels will certainly revolutionize the commercial shipping industry. Yet, regulatory and legal compliance will create challenges as autonomous and remotely controlled ships are routinely used in the context of commercial shipping and the global transportation of cargo. Several of the legal issues that may impact autonomous shipping are discussed below including (i) statutes and treaties for the common carriage of cargo; (ii) environmental concerns; (iii) marine insurance; (iv) regulations of commercial shipping; (v) liability to seafarers; and (vi) construction and design of ...

Global law firm Norton Rose Fulbright has promoted Athens-based shipping finance lawyer Evi Platsidaki to partner, as part of 36 partner promotions made globally, effective from 1 January. Evi has worked on many of the firm’s largest and most complex shipping finance transactions and has significant experience in a broad range of transactions, including syndicated facilities; secured, structured and unsecured facilities; international and cross-border transactions; ECA-backed facilities; sale and lease backs involving debt refinancing; and the acquisition and chartering of both newbuilding and second hand vessels. She advises a broad ...

Hill Dickinson has boosted its shipping disputes and commercial litigation team in Greece with the lateral hire of shipping partner, Dimitris Anassis. An experienced shipping litigator, Dimitris joins the firm after 14 years (the last six of which as a partner) at Norton Rose Fulbright and Thomas Cooper / Penningtons Manches Cooper, and will be based in Hill Dickinson’s Piraeus office. Ranked in both The Legal 500 and Chambers and Partners, Dimitris’ areas of expertise include all types of dry shipping and international trade disputes under English law, including charterparty ...

On 5 December 2022, the long-awaited Russian oil price cap measures and related sanctions came into effect. It is no surprise that these measures focus on the maritime industry and insurance. Policymakers have long recognised the central role of shipping in international trade and the crucial role of insurance in shipping, and therefore used sanctions affecting shipping and insurance when they wish to limit, or sanction, trade. However, none of this is likely to lessen some of the challenges posed by the regime, and, a little over week on from ...

Decarbonisation of the shipping industry is a high-profile current issue. We are therefore running a podcast series as well as this series of articles, addressing this seismic change. You can listen to the podcast series here. This series examines the various IMO and EU regulations which are due to come into force over the next few years with the aim of regulating and reducing shipping’s carbon footprint through various initiatives. We discuss the key practical and legal considerations they raise for owners, charterers, and other stakeholders. IMO There are two ...

During the 79th session of the Marine Environment Protection Committee (MEPC), the International Maritime Organization (IMO) amended Annex VI (Prevention of Air Pollution from Ships) of the International Convention for the Prevention of Pollution from Ships (MARPOL) to adopt the Mediterranean Sea Emission Control Area for Sulphur Oxides and Particulate Matter (Med SOx ECA) and designate the Mediterranean Sea as a Sulphur Emission Control Area (SECA). Other SECAs include the Baltic Sea, the North Sea, the North American Area (covering waters adjacent to the Pacific coast, Atlantic coast, Gulf of ...

The National Defense Authorization Act for Fiscal Year 2023 sent to President Biden for his signature on December 16, 2022, contains a major expansion of the Capital Construction Fund (CCF) vessel tax deferral program designed to help finance the construction of vessels in the United States. The CCF program, jointly overseen by the U.S. Maritime Administration and the Internal Revenue Service, permits taxpayers to defer paying taxes on qualified earnings provided they are invested ultimately in the construction or reconstruction of a vessel in the United States. MARAD enters into ...

On 16 December 2022, the EU adopted the 9th package of Russian sanctions. A number of Regulations and Decisions were published (full details can be found here) but of particular significance for members is Council Regulation (EU) 2022/2474 which further amends Regulation (EU) 833/2014 (the Regulation). Members are reminded that EU sanctions apply in the following circumstances: within the territory of the EU, including its airspace on board any aircraft or any vessel under the jurisdiction of a member state to any person inside or outside the territory of the ...