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WFW advises ENI on purchase of Scarabeo 5 from Saipem

Watson Farley & Williams (“WFW”) has advised Eni Group (“Eni”) on the contract documents for the purchase of the Scarabeo 5 drilling floater which is currently being converted into a FPU (Floating Production Unit) by Saipem S.p.A. (“Saipem”). It will be installed off the coast of the Republic of Congo. Eni is an Italian energy company operating in 64 countries worldwide. It is active at every stage of the value chain, from natural gas and oil to co-generated electricity and renewables, including both traditional and bio refining and chemicals. Saipem ...

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Tightening York-Antwerp Rules application

The Court has recently decided “an old chestnut”, namely which version of the York-Antwerp Rules (YAR) applies pursuant to clause (3) of the standard Congenbill 1994 form. This has been debated for years. The Court held that the general average (GA) adjustment in this case should be conducted under YAR 2016, not YAR 1994. In Star Axe I LLC -v- Royal and Sun Alliance Luxembourg S.A. & Others (Star Antares) [2023] EWHC 2784, between September 30, 2021 and October 4, 2021, the Claimant carrier issued seven bills of lading on ...

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ITIC reveals pitfalls in maritime dealings: Neglecting information transfer leads to US$ 60,000 AWRP dispute

In its latest Claims Review, International Transport Intermediaries Club (ITIC) shed light on a case where a failure in information transfer sparked a dispute over the payment of an Additional War Risk Premium (AWRP). The situation unfolded as a tanker was contracted for a voyage featuring an option to call at an AWRP area. Per the terms of the charterparty (CP), the charterer was liable to pay the AWRP if the vessel ventured into the specified area. Crucially, the shipowner was obligated to obtain an AWRP quotation and transmit it ...

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WFW enhances US maritime offering with key corporate partner hire

Watson Farley & Williams (“WFW”) is pleased to announce that maritime and corporate lawyer Robert Kritzman has joined the firm as a Partner in New York. He joins from Clyde and Co where he was a partner in their corporate practice in Miami. Robert has 18 years’ experience in private practice advising on corporate and transactional matters, primarily in the maritime sector and a 17-year proven track record managing the legal affairs of one of the world’s largest cruise lines and was managing director of a division of the cruise ...

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CJC strengthens its team with new Head of Marketing

Leading international law firm CJC has appointed Charlotte Ward to the role of Head of Marketing. Based in London, Charlotte will lead the firm’s marketing, communications, and events function. She joins the company with more than 13 years’ marketing experience in the maritime and shipping industry, having held senior marketing roles with the Bahamas Maritime Authority, Braemar Shipping Services plc, and the BMT Group. Charlotte will be responsible for elevating the firm’s brand positioning by strengthening relations with clients and key partners, developing impactful marketing campaigns, and focusing on awareness-driving ...

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Norton Rose Fulbright advises on shipping’s largest-ever commercial debt $2.8bn financing

Global law firm Norton Rose Fulbright has advised Citibank N.A and BNP Paribas as global co-ordinators, initial mandated lead arrangers and bookrunners on a $2.8bn sustainability- and gender diversity-linked facility to GasLog Ltd. The revolving facility is secured on GasLog’s fleet of LNG carriers and incorporates KPIs linked to both carbon emissions and female representation in the company’s cadetship program. The Norton Rose Fulbright team was led by Co-Head of EMEA Asset Finance and Head of Greece, Yianni Cheilas, with support from Counsel Niki Alexandrou, and Associates Katerina Karagouni, Jenny ...

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WFW advises UniCredit on Rimorchiatori Augusta financing

Watson Farley & Williams advised UniCredit S.p.A. on a loan granted to Rimorchiatori Augusta S.r.l. (“Rimorchiatori Augusta”), which is owned by world’s leading port towage operators Rimorchiatori Mediterranei S.p.A. (“Rimorchiatori Mediterranei”). The loan recapitalises Rimorchiatori Augusta’s following its purchase of Italian-flagged tugboat “CITTÀ DI SIRACUSA”. Built at the Turkish shipyard Sanmar Denizcilik Ve Makina Ticaret AS and currently registered at the Catania Maritime Compartment, the tugboat has a top speed of 12 knots and a towing capacity of more than 60 tonnes, allowing maximum efficiency in handling offshore vessels. Moreover, ...

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Pitfalls in Relying on Bills of Lading

Reliance on bills of lading in trade finance is often pivotal, but just how good security are bills of lading and in what circumstances will a bank’s ability to exercise its security rights be compromised or even lost? A bank will most commonly find its security rights tested when a customer fails to pay or otherwise defaults and the bank demands delivery of cargo. It may find that the cargo has already been discharged without production of the bills and therefore seek to exercise its remedies against the carrier. “Reliance ...

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Cyprus Flag: A Passport To Maritime Prosperity

Over the past few decades, Cyprus’ shipping sector has evolved into one of the most successful industries of the island, steadily rendering Cyprus into a major international maritime centre, comprising both ship-owning and ship-management companies. The legislation of the State of registry of the foreign ship must permit its bareboat charter registration which is usually for 2 years but it can be renewed. The maritime industry represents one of the cornerstones of the Cypriot economy, both in terms of financial strength and overall significance. With a maritime history and expertise ...

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Korean shipyards to beat Chinese rivals with green tankers

South Korean dockyards aim to expand their presence in the global tanker market dominated by Chinese players with vessels designed to transport or store liquids such as oil and chemicals powered by eco-friendly fuels amid the expected downturn in the world’s shipbuilding industry. Hyundai Samho Heavy Industries Co., an affiliate of HD Korea Shipbuilding & Offshore Engineering Co., was expected to win an order to build two Suezmax tankers with a capacity of some 150,000 deadweight tonnages (DWT) each from a European customer, according to a global shipping market news ...

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HFW Advises On Launch Of Shipping Industry’s First Sustainable Fund

Global, sector-focused law firm HFW advised on the launch of the shipping industry’s first sustainable fund. The fund, named Low Emission Methanol Shipping Company (LEMSCO), was launched by maritime investment advisor ProMarine AG with an initial portfolio of four methanol-fuelled MR tankers, which were acquired from Proman and Stena Bulk. It is backed by equity investors and is also financed by a green loan from ABN AMRO. As part of the deal, LEMSCO will benefit from a dedicated supply contract from Proman – one of the world’s largest methanol producers ...

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Long-serving Hill Dickinson CEO, Peter Jackson, to step down in 2024 and be succeeded by Business Services Group Head, Craig Scott

International law firm Hill Dickinson has outlined its succession plans alongside the proposed retirement of CEO, Peter Jackson, who will step down from the CEO role at the end of the current financial year (30 April 2024). A marine and transport specialist, he has been with the firm since 1983, where he was made managing partner in 2005 and became CEO in 2016. Jackson will be staying with the Firm in an advisory capacity and will become a member of the Firm’s Board. Partner and head of the firm’s Business ...

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The EU ETS And Shipping: A Bumpy Ride Ahead?

As we reported in April this year, the EU emissions trading scheme (the EU ETS) is expanding to include the shipping industry. With 2024, the first year in which vessel emissions will be included with in the scope of the EU ETS, just around the corner, shipowners and operators need to assess how the scheme will impact their business. The implementation of the scheme and the navigation some of the issues that it raises will be challenging for many and will require careful consideration and planning. Shipping companies whose vessels ...

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Ship technology and human questions

The co-existence of new marine technologies which aim to improve safety and stubbornly high counts of human errors among the causes of maritime casualties and incidents suggests that ‘more of the same’ will be an inadequate response in seafarer training to the rapid advance of shipboard technologies. Work at the IMO to establish how far SOLAS and the Collision Regulations can apply to autonomous ships will crystallise in a non-mandatory code by 2024, with a mandatory code due by January 2028, but few believe unmanned vessels will be part of ...

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CJC appoints trio to reinforce dual strategy for growth

Three senior appointments by Campbell Johnston Clark (CJC) have reinforced the international maritime law firm’s strategy to grow both its litigation and transactional activities. All three individuals join CJC’s London office from another maritime law firm. Highly experienced dispute resolution specialist Chris Kidd has joined CJC as Director, at Partner level, with immediate effect. In two further appointments, Stuart Plotnek has joined CJC’s transactional team as Managing Associate and Jeong-Sook Kim has joined the litigation team as Associate Solicitor. Chris Kidd is well-known for his role in ship construction, ship ...

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