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LNG for 2020: IMO Sulfur Limits and the LNG Alternative

This blog post compares the uses of liquefied natural gas (LNG) as a marine fuel with other options for complying with the more stringent sulfur emission requirements of the International Maritime Organization (IMO) beginning in 2020 and then discusses the development of LNG as a marine fuel. The IMO 2020 sulfur limit The IMO is the United Nations agency tasked with setting global standards for safety, security and environmental performance in global shipping. In 1973 the IMO signed the International Convention for the Prevention of Pollution from Ships (MARPOL), and ...

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WFW advises EnTrust Global on US$150m sale and leaseback to Danaos Corporation

Watson Farley & Williams (“WFW”) has advised EnTrust Global’s (“ETG”) Blue Ocean Funds on their US$150m sale and leaseback transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos Corporation (“Danaos”), a NYSE-listed global shipping company maintaining a fleet of large size container vessels. This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market, with the US$150m made available to Danaos under the sale and five-year capital leaseback transaction utilized for various purposes, including ...

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Willum Richards hands over chairmanship of the Association of Average Adjusters on its 150th anniversary to Richard Cornah

The Association of Average Adjusters, set for a memorable 150th anniversary after launching the celebrations at its annual general meeting on May 9, 2019, has chosen a new chairman. Willum Richards announced that on the expiry of his two years in office he was handing over the chairmanship to Richard Cornah, one of the profession’s most authoritative personalities. Liverpool-based Mr Cornah is chairman of the Richards Hogg Lindley division of London-listed insurance specialist Charles Taylor plc. “He is, without doubt, one of the pre-eminent adjusters of our age,” said Mr ...

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VTAS set to go live

Watson Farley & Williams (“WFW”) is delighted that the ground-breaking Vessel Technology Assessment System Project (“VTAS Project”), of which the firm is proud to be an advisor, has finished its development stage and is set to go live as an independent advisory service and new venture backed by its joint founders BMT and Black & Veatch as of 19 May 2019. The VTAS Project ran from 1 January 2018 to 31 March 2019 and brought together the combined maritime and engineering consultancy expertise of BMT and Black & Veatch to ...

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International Convention on Arrest of Ships Enters Into Force in Turkey

A presidential decree has been published in the official gazette on 03.05.2019 marking the date on which the 1999 Convention officially became binding by law upon the Turkish authorities. Turkish Parliament has ratified the International Convention on the Arrest of Ships 1999 (“1999 Convention”) and the International Convention on Maritime Liens and Mortgages 1993 (“1993 Convention”) on 25 March 2017. Although the general sprit of the Maritime laws under Turkish Commercial Code (TCC) which came into force on 01.07.2012, is based on the principals of the 1999 and 1993 Conventions, ...

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LIBOR discontinuation: Is the shipping finance industry ready?

As from December 31, 2021, banks will no longer be compelled to provide LIBOR quotations. This means that the market’s most common method of setting interest rates will be discontinued. This change will have broad implications, affecting loan agreements, bond agreements, leasing arrangements, derivative products and many more existing transactions. In response to this deadline, working groups have been set up in respect of the five main IBOR currencies. These working groups have designated a preferred replacement rate and are working on the mechanics for making these available to the ...

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HFW Helps BIMCO Draft Industry’s First Offshore Decommissioning Contract

Global, sector-focused law firm HFW has helped shipping association BIMCO draft an industry standard offshore decommissioning contact. The contract – DISMANTLECON – has been approved by BIMCO’s Documentary Committee and will be released at the end of June, along with guidance notes. It can be used for removal of any offshore field architecture, including pipelines, mattresses, manifolds, jackets, topsides, platforms and monopole structures. HFW is the only law firm on BIMCO’s drafting sub-committee for this contract. Its team is led by global shipping head Paul Dean and partner Tom Walters. ...

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WFW advises ZEABORN on acquisition of CPO Tankschiffreederei

Watson Farley & Williams (“WFW”) advised Bremen-based Zeaborn Group (“ZEABORN”) on its acquisition of Claus-Peter Offen Tankschiffreederei (GmbH & Co.) KG (“CPO Tankschiffreederei”). ZEABORN acquired CPO Tankschiffreederei from the Offen Group, which specialises in the management of oil and product tankers. A purchase agreement for the acquisition of all shares was signed, though the transaction remains subject to approval by the cartel authorities. The Offen Group, owned by Claus-Peter Offen, is one of the world’s largest suppliers of charter-container tonnage. ZEABORN is a global shipping company providing services along the ...

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Over 600 shipping professionals attend 26th Anniversary Party for Ince & Co Greece

On the 9th May, Ince & Co Greece celebrated its 26th year in Piraeus at the forefront of the shipping and maritime sector with a party at the historic Four Seasons Astir Palace Hotel on the Athens Riviera. Over 600 esteemed guests from Greece and abroad turned out to mark the occasion, including shipowners, insurers, bankers and ship brokers. After welcome drinks and a short speech from Paul Herring, Head of Ince Greece, guests were treated to cocktails, canapes, freshly grilled seafood and loukamades on the terrace overlooking the swimming ...

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Eleni P – Interpreting an Off-Hire Clause

In Eleni Shipping Limited v Transgrain Shipping BV (The Eleni P) [2019] EWHC 910 (Comm) the Commercial Court considered an appeal under section 69 of the Arbitration Act 1996 by Owners of an award in which the Tribunal rejected Owners’ claim for hire to be paid by Charterers during the period for which the vessel was detained by pirates in the Arabian Sea. Facts On 29 April 2010 voyage orders were given by Charterers for the vessel to load a cargo of iron ore from a port in Ukraine for ...

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HFW Research: London Has 80% Share Of Global Maritime Arbitration Market

Research by global, sector-focused law firm HFW has found that London continues to dominate the market for maritime arbitration, despite suggestions that Brexit would see activity shift to emerging disputes hubs around the world. London accounts for more than 80 percent of global maritime activity, according to HFW’s analysis of data from 13 major maritime institutions around the world London handled approximately 1,500 maritime arbitrations in 2017, compared to around 140 in Singapore and just over 100 in Hong Kong. HFW’s research also found that, after local law, English law ...

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Pirate Ship Hijackings – Who Pays for the Delay?

In an important decision, which will be of interest across the maritime sector, the English High Court has clarified the scope of a typical time charterparty capture/seizure/arrest clause in the context of ship piracy, and of a specific rider clause addressing this scenario. Facts The Eleni P, a Panamax bulk carrier vessel, was on time charter and was ordered to load a cargo of iron ore in the Ukraine and to discharge it in China, requiring the vessel to sail through the Suez Canal and the Gulf of Aden (the ...

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Two Greek Shipping Companies Sentenced After Illegally Discharging Oil Into Texas Port Waters

Two Greek shipping companies, Avin International LTD and Nicos I.V. Special Maritime Enterprises, were sentenced in the Eastern District of Texas before Judge Marcia A. Crone on charges stemming from several discharges of oil into the waters of Texas ports by the oil tanker M/T Nicos I.V., announced Assistant Attorney General Jeffrey Bossert Clark for the Justice Department’s Environment and Natural Resources Division and United States Attorney Joseph D. Brown for the Eastern District of Texas. Avin International was the operator and Nicos I.V. Special Maritime Enterprises was the owner ...

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Australia: Autonomous ships: 2019 update and what the future holds

The maritime world has seen a surge of stakeholders take an active interest in the development and innovation of the technology of autonomous shipping. There is no doubt that autonomous shipping will continue to develop throughout the transport industry and across the globe. Unmanned ships can generally be categorised according to their level of automation. In general terms, remotely operated vessels are controlled and operated by human operators located onshore in shore control centres. With completely autonomous vessels, a human operator inputs destinations, and the vessel itself will navigate to ...

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Defective passage plan rendered vessel unseaworthy

In a recent judgment, in the context of a claim by Owners for a contribution in General Average (GA), the Court considered whether a defective passage plan, prepared prior to the commencement of the voyage, rendered the Vessel unseaworthy. On the facts, it was found that that even though the Owners had in place good safety management practices, the Vessel was unseaworthy on the basis that a prudent owner would not have sent the Vessel to sea with such a defective plan, and that due diligence had not been exercised. ...

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