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WFW advises BPS on US$ 10m financing for Pimlico Shipping

Watson Farley & Williams (“WFW”) has advised Banca Popolare di Sondrio (“BPS”) on a US$ 10m ship finance loan granted to Malta’s Pimlico Shipping Limited (“Pimlico Shipping”), which is owned by Italian shipping company Fratelli Cosulich S.p.A. (“Fratelli Cosulich”). Notably, the loan cancels all the outstanding debt owed to BPR by Fratelli Cosulich’s subsidiary Vulcania S.r.l. had relating to the purchase of the Maltese-flagged bulk carrier Saturnia from Ocean Trader V LLC. The Saturnia is now registered to Pimlico Shipping and destined for time charter to Lauritzen Bulkers. It is ...

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Greek shipping company to pay $2.4m fine for smuggling Iranian oil

A Greek shipping company has admitted smuggling sanctioned Iranian crude oil and agreed to pay a $2.4 million fine, US court documents unsealed on Thursday showed. The case against Empire Navigation, which faces three years of probation under the plea agreement, marks the first public acknowledgement by US prosecutors that the US seized some one million barrels of oil from the tanker Suez Rajan. The saga surrounding the ship escalated tensions between the US and Iran even as they work towards a trade of billions of dollars in frozen Iranian ...

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Greek shipping company to pay $2.4m fine for smuggling Iranian oil

A Greek shipping company has admitted smuggling sanctioned Iranian crude oil and agreed to pay a $2.4 million fine, US court documents unsealed on Thursday showed. The case against Empire Navigation, which faces three years of probation under the plea agreement, marks the first public acknowledgement by US prosecutors that the US seized some one million barrels of oil from the tanker Suez Rajan. The saga surrounding the ship escalated tensions between the US and Iran even as they work towards a trade of billions of dollars in frozen Iranian ...

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London retains crown as leading global centre for maritime arbitration, handling 85% of global caseload

London handled more than 85% of the world’s maritime arbitration in 2022 according to the findings of a comprehensive new report published today by global law firm HFW, cementing the capital’s position as the overwhelming forum of choice for international shipping arbitrations. The report – The Maritime Arbitration Universe in Numbers – analyses the latest figures from leading maritime arbitration associations and institutions, including those not yet publicly available. London was revealed to have maintained its position as the global centre for international maritime and transportation arbitration cases in 2022, ...

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WFW advises HCOB on US$50m MPCC loan

Watson Farley & Williams (“WFW”) advised Hamburg Commercial Bank (“HCOB”) on a US$50m loan facility provided to an intermediate holding company of MPC Container Ships ASA (“MPCC”). The loan facility was used to finance part of the purchase price of the 2,200 TEU Queen Esther (2016) and the four 1,750 TEU London Trader, Trieste Trader, Madrid Trader and B Trader (all 2019) from the UK’s Lomar Shipping. HCOB is a private commercial bank headquartered in Hamburg, Germany, with a strong market position in international shipping. Besides shipping, HCOB offers high ...

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The Hong Kong Convention, EU regulation and outstanding legal issues in various states

With the accessions of Bangladesh and Liberia as contract parties, the Hong Kong Convention (“HKC”) will enter into force in 2025. The HKC applies to ships flying the flag of a contract party and ship recycling facilities (“SRFs”) under the jurisdiction of a contract party. Bangladesh, Belgium, Denmark, France, Germany, India, Japan, Liberia, Luxembourg, Malta, the Netherlands, Norway, Panama, Portugal and Turkey are among the contract parties to the HKC. The EU had already taken on a pioneering role with the EU Ship Recycling Regulation (“SR Regulation”) in 2013. Among ...

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Vessel-Owning JV Companies Must Have Indonesian Shipping Company as Majority Shareholder for Vessel Registration

Following the enactment of the Omnibus Law (Law No. 11 of 2020 on Job Creation) on November 2, 2020, the Government of Indonesia issued various implementing government regulations to regulate a wide array of sectors, including the shipping sector. On February 2, 2021, the Government of Indonesia issued Government Regulation No. 31 of 2021 dated February 2, 2021, regarding the Implementation of the Shipping Sector (“GR 31/2021”), which introduced a significant change relating to the registration of vessel ownership in Indonesia. While there are a number of updates relevant to ...

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WFW further strengthens Singapore disputes offering with new senior hire

Watson Farley & Williams (“WFW”) is pleased to announce that highly respected dispute resolution and international arbitration expert Guy Hardaker has joined the firm as a Consultant in Singapore. He was previously a long-standing partner at HFW in Hong Kong prior to relocating to Singapore. With more than 40 years’ experience practising in London, Singapore and most recently Hong Kong, Guy’s practice focusses on the commodities and trade finance, shipping, energy, telecoms and pharmaceuticals/animal health sectors. He is the latest notable addition to WFW’s Asia-Pacific dispute resolution offering, with Partner ...

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Raising wreck recoveries

A significant new judgment issued by the Hong Kong SAR Court of Final Appeal (CFA) is likely to add new impetus to tactical considerations for parties where a collision results in wreck removal. The question before the court in Perusahaan Perseroan (Persero) Pt Pertamina v Trevaskis Ltd and Others [2023] HKCFA 20 (STAR CENTURION c/w ANTEA 13 January 2019) was whether the owner of a vessel involved in a collision can limit liability for claims in respect of the other ship’s wreck removal costs under the Convention on Limitation of ...

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Analysis of cases involving sanctioned lessors in finance leases

The Havila case This case involved the sale and leaseback of four newbuilding vessels (the Vessels). HKO, a subsidiary of Havila Group based in Norway, entered into four shipbuilding contracts with a Turkish shipyard. Upon delivery, the Vessels would be sold by HKO respectively to four subsidiaries of Russian leasing company GTLK (the Lessors), and the Lessors would charter the Vessels on finance lease terms respectively to four subsidiaries of Havila group (the Lessees) pursuant to four bareboat charters (the BBCs). As pre-delivery security, HKO assigned its rights under the ...

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EPA Settles with World’s Third Largest Shipping Container Company over Claims of Clean Water Act Violations

The U.S. Environmental Protection Agency (EPA) has settled with CMA CGM, the world’s third largest shipping container company, over claims of violations of EPA’s Vessel General Permit issued under the Clean Water Act. Under the terms of the settlements, CMA CGM will pay $165,000 in penalties for claims of violations by four of the company’s ships involving ballast water discharge, recordkeeping, inspection, monitoring, and reporting. “The Vessel General Permit is a key element of the Clean Water Act. When companies and their ships don’t comply with this permit, the quality ...

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WFW advises lenders on US$1bn financing for 45 vessels

Watson Farley & Williams (“WFW”) has advised BNP Paribas as documentation bank and DNB Bank ASA, New York Branch as agent on a US$1bn term and revolving credit facility to Scorpio Tankers Inc. (“Scorpio Tankers”). The over-subscribed credit facility provided by a group of banks will be used to finance 45 product tankers. Consisting of a 50% term loan and a 50% revolving loan, the credit facility has a final maturity of 30 June 2028. Scorpio Tankers is a leading product tanker owner providing marine transportation for refined petroleum products ...

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WFW advises MPCC on US$200m strategic vessel sales and acquisitions

Watson Farley Williams (“WFW”) has advised leading shipping company MPC Container Ships (“MPCC”) on strategic vessel acquisitions and sales worth c. US$200m . This including disposing of the 2,800 TEU container ships Cimbria (2002) and Cardonia (2003) for US$42.5m and the 4,200 TEU AS Emma (2010) for US$22m. In return, MPCC acquired the 2,200 TEU Queen Esther (2016) and the four 1,750 TEU London Trader, Trieste Trader, Madrid Trader and B Trader (all 2019), from Britain’s Lomar Shipping for US$136.3m. Founded in 2017, MPCC is Listed on the Oslo Stock ...

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Portugal: The Resilience Of Shipping In Portugal In Spite Of Global Pandemic Turmoil

Introduction The outbreak of the new coronavirus disease (COVID-19) during 2020 has caused a severe brunt throughout the world, especially in the shipping and maritime industry. This widespread pandemic collapsed all supply chains and forced port closures led by lockdown decisions that restricted the transportation of goods and passengers all over the world. Many developed countries have implemented highly restrictive preventive measures to combat the spread of the virus; these restrictions caused a halt on their economies and trade with other countries, directly impacting shipping carriers’ earnings and port logistics ...

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Spain: Overview Of The Maritime Navigation Planning Regulations In Spain

On March 21st, 2023, Spain introduced significant maritime planning navigation regulations with the aim of modernising the navigation regime for ships sailing through Spanish maritime waters. These regulations bring about notable changes to the maritime industry, affecting charter operators, yachts, and crew members. Let’s examine the key highlights of these regulations. The recent legislation brings about significant modifications to the charter licensing produces in Spain. One of the major changes introduced by the new regulations is the charter licensing process. The previous pre-approval regime has been replaced with a more ...

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