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Cyber Risk Management comes of age

With new International Maritime Organization requirements on cyber risk management imminent, CJC Senior Associate Richard Murray and IEIT Cyberlogic conclude that making ships truly cyber secure involves a marathon not a sprint. On 1 January 2021, pursuant to Resolution MSC. 428(98), IMO Administrations are to ensure that cyber risks are appropriately addressed in safety management systems no later than the first annual verification of a ship’s Document of Compliance after that date. The resolution was originally adopted in June 2017 and, while many stakeholders could be forgiven for the distraction ...

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Brexit: Main changes for the maritime and port sector coming into effect on January 1, 2021

The transition period under the “Withdrawal Agreement” signed between the European Union (EU) and the United Kingdom (UK) in which the UK and the EU have to negotiate the terms that will govern their future dealings is set to end on December 31, 2020. Even if an exit deal is reached (including transitional provisions), the UK’s participation in the single European market, customs union, import and export tariffs, VAT, excise and other special taxes will change significantly, creating a large number of barriers that currently do not exist. This may ...

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Shipping Company Reaches $12 Million Plea Agreement To Resolve Environmental Charges

On December 1, 2020, Singaporean shipping company Pacific Carriers Limited (“PCL”) entered a $12 million plea agreement to resolve criminal charges that it knowingly failed to record illegal discharges of oil waste and garbage and concealed a hazardous condition aboard the M/V Pac Antares from the United States Coast Guard. The charges include a count of the infrequently used Ports and Waterways Safety Act (“PWSA”), which prohibits knowingly failing to notify the United States Coast Guard of a hazardous condition aboard a vessel. The PCL resolution serves as a reminder ...

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WFW advises CaixaBank on €35m Grimaldi Euromed financing

Watson Farley & Williams (“WFW”) has advised CaixaBank S.A. (“CaixaBank”) on a €35m loan facility to Grimaldi Euromed S.p.A. (“Grimaldi Euromed”) to finance the acquisition of a new Roll-on/Roll-off (Ro-Ro) vessel. The new unit, Eco Barcelona, is under construction at China Merchants Jinling Shipyard (Jiangsu) Co. Ltd. and joins Grimaldi’s fleet of over 130 ships operating on Italian domestic and international routes. The Eco Barcelona is the second unit of the Grimaldi Green 5th Generation (GG5G) class and can transport over 7,800m of rolling goods, equivalent to circa 500 trailers. ...

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Ince bolsters Chinese presence with W&H Law Firm strategic cooperation deal

International legal and professional services firm, Ince, has today announced it is entering into a strategic cooperation with China based W&H Law Firm. The strategic cooperation deal acts as a formalisation of this working relationship and has been designed to allow both firms to offer expert legal advice, to the increasing number of Chinese enterprises who are investing overseas. Existing Ince clients will also benefit from access to an extensive network of trusted local lawyers, with a deep knowledge of the Chinese market and PRC law. W&H Law Firm was ...

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Crew Changing Procedure During Pandemic At Turkish Ports

As is known to all, within the scope of combating the coronavirus spreading rapidly worldwide there are various measures taken. In case of a restriction of ordinary crew change movements, the procedure to be implemented to seafarers change by the General Directorate of Maritime Affairs on 3rd December 2020 in accordance with the International Maritime Organization’s circular note No. 4204/Add.14 during entry and exit bans and curfew implementations in the course of work period of seafarers, maritime pilots, fishing vessel personnel, drill ship personnel, ship agents, coastal facility and open ...

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Buyer Beware – Sector-specific risks for buyers in maritime M&A transactions

In the maritime sector it is much more common to undertake the sale of a vessel on an asset sale basis than as part of a more traditional M&A transaction effected by the sale and purchase of the vessel owner’s shares. This is the case even though ships tend to be owned by special purpose vehicles, which own only one ship and have no assets or liabilities unrelated to that vessel. “Approaching a vessel-focussed M&A transaction in the same way as any other share sale is short-sighted and fraught with ...

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Singaporean Shipping Company Fined $12 Million in a Multi-District Case for Concealing Illegal Discharges of Oily Water and Garbage and a Hazardous Condition

Pacific Carriers Limited (PCL), a Singapore-based company that owns subsidiaries engaged in international shipping, was sentenced today in federal court before U.S. District Court Judge Louise Flanagan in New Bern, North Carolina, after pleading guilty to violations of the Act to Prevent Pollution from Ships, obstruction of justice, and for a failure to notify the U.S. Coast Guard of a hazardous condition on the Motor Vessel (M/V) Pac Antares. PCL pleaded guilty to a total of eight felony offenses across three judicial districts – the Eastern District of North Carolina, ...

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US$ LIBOR – Some breathing space

Lenders and borrowers should be somewhat relieved to hear that US Dollar LIBOR (USD LIBOR) has had a bit of a reprieve. As we reported in our previous article, ICE Benchmark Association Limited (IBA), the Financial Conduct Authority (FCA), other official sector bodies and the panel banks have been discussing the future of USD LIBOR with a view to it continuing beyond 31 December 2021. “As the majority of ship finance deals use one or three month USD LIBOR, this should mean that in many cases there need no longer ...

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The Ince Group plc (“Ince” or the “Group” or the “Company”) Interim unaudited results for the six months to 30 September 2020

Financial highlights · Revenue up 6% to £48.2m, a strong performance given the impact of Covid-19 · Adjusted profit before tax of £2.52m, up from £0.15m · Organic growth over last year approximately 3% · Adjusted earnings per share increased to 3.1p (2019 loss of 3.9p) · Net debt at the period end of £8.3 m (31 March 2020 – £9.0 m) – reduced on schedule and after paying deferred consideration of £4.9 m · Further cost savings implemented throughout the period with over £1m to recur Operational highlights · ...

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WFW advises lenders on US$155m Tangguh LNG carrier refinancing

Watson Farley & Williams (“WFW”) has advised MUFG Bank (“MUFG”), as Facility and Security Agent, and Development Bank of Japan Inc. (“DBJ”) as lenders on two non-recourse credit facilities totalling US$155m for the international, cross-border refinancing of two LNG carriers owned by joint venture companies belonging to NYK Line, Sovcomflot Group (“SCF Group”), and Samudera Shipping Line Ltd (“Samudera Shipping”). The loans comprise tranches with tenors of four and eight years. The two vessels, sister ships Tangguh Batur and Tangguh Towuti, service the Tangguh LNG plant in Indonesia. The plant ...

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HFW Represents LMAA In Landmark UK Supreme Court Case

Global, sector-focused law firm HFW represented the London Maritime Arbitrators Association (LMAA) in the landmark UK Supreme Court case of Halliburton v Chubb. The Supreme Court’s judgment, which was handed down on 27 November, clarifies the law on arbitrator appointments and apparent bias in situations of ‘multiple appointments with overlap’, confirming that arbitrators are under a legal obligation to disclose circumstances that might give rise to justifiable doubts as to their impartiality. The LMAA was an intervener in the case, in which Halliburton sought indemnity under an insurance policy it ...

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LIBOR replacement and ship finance – where is it heading?

The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. The concerns intensify as the projected deadline grows closer against a background of some continuing uncertainty and lack of consensus about the details of the approach to take. Some recent developments are worth noting and putting in context for the shipping industry and ship financiers. There are issues both for loans now being documented – and also for all LIBOR-based deals likely to continue beyond 2021. ...

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The Ince Group expands consultancy offer in Gibraltar following successful licensing application

Ince Consulting (Gibraltar), part of The Ince Group, is pleased to announce the expansion of its consultancy services. Regulated by the Gibraltar Financial Services Commission (GFSC), the extended permissions allow the firm to provide professional trustee services and fund administration, and build on the firm’s extensive experience in incorporation, registered office, secretarial services, accounting and compliance services. The firm works closely with Ince’s Gibraltar based legal specialists in maritime, gaming, finance, payments, technology and company law. The expanded service offering follows the successful application to the GFSC, allowing the business ...

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Hill Dickinson announces the appointment of Jonathan Goacher as a partner as it expands Singapore regulatory practice

Hill Dickinson announces the appointment of Jonathan Goacher as a partner, as it expands its regulatory practice. He will be based in the firm’s Singapore office and will conduct the practice across Asia. Jonathan is a regulation specialist with around 20 years’ experience at global law firms in Asia. He is primarily known for his expertise in the insurance sector. He joins the firm from DWF, which has announced the closure of its Singapore office. Jonathan advises on a broad spectrum of regulatory matters, including data privacy, senior manager regimes, ...

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