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WFW Senior Partner George Paleokrassas moves to New York

Watson Farley & Williams (“WFW”) is delighted to announce that newly elected Senior Partner and Global Maritime Sector Co-Head George Paleokrassas has moved across the Atlantic to head up the firm’s New York office. George replaces long-standing Office Head and highly regarded maritime finance Partner Daniel Rodgers. George previously headed up the firm’s Athens office from 2005, growing it to become the largest international law firm in Greece and in the top five overall. He is universally recognised as one of the leading lawyers in the maritime sector both in ...

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Seaworthiness: An Important Lesson for Carriers

The obligation of seaworthiness is fundamental to contracts of carriage of goods by sea, but how far does that obligation reach? The award-winning shipping and maritime lawyers at Bahamas law firm ParrisWhittaker are highly experienced in advising and representing clients involved in shipping disputes. Shipowners should note the extent of their contractual obligations in respect of cargo, following an important ruling1 from the UK’s Supreme Court. The ruling has important persuasive authority on the courts in The Bahamas. What’s the background? Following a series of navigation failures, a large shipping ...

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Deep-Sea Mining: Why Now And How? Part 2

As discussed in Part 1 of this series of articles, deep-sea mining has become a hot topic in recent months. Whilst Part 1 focussed on the practicalities of deep-sea mining and the numerous complex challenges that this presents, Part 2 examines the international legal and regulatory framework and the significant environmental, social and governance (“ESG”) risks that deep-sea mining has the potential to create if not properly addressed through robust baseline and environmental impact assessment, regulation and enforcement. “It appears that the current international regulatory framework is not sufficiently sophisticated ...

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The burning question – the fire aboard the M/V Felicity Ace

Last week the roll on-roll off car carrier M/V Felicity Ace, transporting luxury vehicles from Germany to Rhode Island, caught fire with an estimated $334,500,000 worth of cargo onboard. The fire spread, requiring the crew to abandon ship. The vessel is currently adrift approximately 90 nautical miles from the Azores islands with multiple salvage tugs engaged in firefighting and towing operations to salvage the vessel and cargo and tow her safely to a port of refuge. The total cost of the salvage operations alone is estimated to be $150,000,000. The ...

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Ukrainian & Russian Hostilities – Charterparty and Cover Issues

Owner members whose vessels are ordered, or charterer members who order vessels, to proceed to load or discharge at Ukrainian and / or Russian Black Sea ports should consider the English law charterparty and cover issues outlined below as the situation in the area develops. 1. War Risks It is common practice to include war risks clauses in charterparties which are intended to deal with the obligations of the parties so far as War Risks are concerned. Bills of lading typically incorporate charterparty terms which include such clauses. The terms ...

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WFW advises portfoliomanagement on part sale of residual shipping loan portfolio

Watson Farley & Williams (“WFW”) has advised portfoliomanagement (“pm”), the winding-up agency of the Free and Hanseatic City of Hamburg and the Federal State of Schleswig-Holstein (the “Shareholders”), on the due diligence for the sale of a number of vessels that are part of its remaining shipping loan portfolio to a bidding consortium comprising the Bank of America and Davidson Kempner Capital Management LP. The agreed purchase price of the shipping loan portfolio is higher than the acquisition price paid by pm, allowing its shareholders to fully wind down pm ...

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GARD: Update on Ukraine

The ongoing hostilities in Ukraine will have a considerable impact on vessels calling ports in the Black Sea and the Sea of Azov. The situation remains fluid and is changing by the hour. Key updates on the situation in Ukraine • The Ukrainian President has imposed martial law nation-wide and closed the air space to civilian flights. • Explosions and troop movements have been reported across many cities in the Ukraine. • Our correspondent has reported that many institutions in the country have been affected whilst noting that it is ...

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Deep-Sea Mining: Why Now And How?

Deep-sea mining has become a hot topic in recent months. Part 1 of our series of articles examines why now and also what is required to make it happen in practical terms. Part 2, which will follow shortly, will discuss the legal and regulatory challenges of deep-sea mining and the numerous environmental, social and governance (“ESG”) risks it presents. WHY NOW? The International Seabed Authority (“ISA”), a UN body, held their 26th Meeting of the Council in Kingston, Jamaica, between 6 – 10 December 2021 and their Assembly meeting between ...

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WFW advises Banco BPM on US$15.5m d’Amico Tankers financing

Watson Farley & Williams (“WFW”) has advised Banco BPM S.p.A. (“BBPM”) on a US$15.5m loan granted to d’Amico Tankers Designated Activity Company (“d’Amico Tankers”), a subsidiary of d’Amico International Shipping SA, in order to, inter alia, refinance their existing financial debt. Banco BPM is Italy’s third largest retail and corporate banking conglomerate, formed in January 2017 through the merger of Banco Popolare and Banca Popolare di Milano. Founded in Rome in 1952, the d’Amico Group is a world leader in maritime transportation in the dry cargo and product tankers sectors ...

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HFW launches in Denmark with hire of leading shipping lawyer

Global, sector-focused law firm has launched in Denmark with the hire of market leading shipping lawyer, Jens Mathiasen. Jens has a broad shipping practice with a particular focus on M&A and corporate, ship finance, sale and purchase, shipbuilding, charterparties and contracts, and maritime law. He previously led the shipping, offshore and transportation practice at Danish law firm Gorrissen Federspiel, and joins HFW on 1 March. This further strengthens HFW’s preeminent shipping and maritime practice, following the arrival of dual-qualified solicitor-Master Mariner Mark Myles in Singapore and senior London partner Paolo ...

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The risks and responsibilities of carrying li-ion batteries

THE ISSUE “The fires are very energetic and traditional firefighting techniques do not necessarily work.” In normal operation, EVs might not seem to be any more inherently dangerous than their ICE cousins. The world’s firefighting services, however, are finding that may not be the case when one of these vehicles catches fire. The component materials of the batteries mean that the fires are very energetic and traditional firefighting techniques do not necessarily work. This will differentiate the risk of EVs from ICE cars when carried on board ships. Statistically, the ...

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Nigerian maritime industry: 2021 in review

As opposed to the global downtime that commercial activities faced in the preceding year; the year 2021 was a very busy year, as many businesses leveraged the opening up of international trade and lifting of travel restrictions in response to the global coronavirus pandemic (“COVID-19”). The global shipping industry also had a great year despite widespread dispruptions attributable to events such as the Suez Canal blockage, port congestions and seafarers’ sign on/off restrictions. 2021 also laid the foundation for a big transformation in global supply chains as well as the ...

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Exceptional tax depreciation extended for green shipping investments

1 Extension of the scope 1.1 New energies eligible for the main propulsion French companies can, subject to satisfying certain conditions, deduct from their taxable basis an amount equal to: 125% of the additional costs accounted for as assets on their balance sheet (excluding financial costs) which are directly linked to the installation of new equipment, using hydrogen or any other decarbonised propulsion as the primary propulsive energy for (i) ships carrying goods or persons or (ii) the production of electrical energy used for main propulsion; and 105% of the ...

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Ince Group Charitable Foundation lends a helping hand to seafarers in crisis

Ince Group Charitable Foundation is lending its support to maritime charity Sailors’ Society’s new Sea Change Fund, pledging £30,000 to helping seafarers in crisis. The Foundation is donating £10,000 per year for the next three years towards the grant fund, with additional support from Ince Global Senior Partner, Julian Clark, who has committed a personal annual donation of £5,000. Sara Baade, Sailors’ Society’s CEO, said: “Since the pandemic hit, we’ve seen requests for support increase, with sickness, unemployment and bereavement leaving rising numbers of seafaring families, who are often from ...

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Norton Rose Fulbright advises the lenders under an award-winning ECA-backed financing on the delivery of the world’s largest cruise vessel

Global law firm Norton Rose Fulbright has advised the lenders, led by Citi, on the delivery of the world’s largest cruise vessel, “Wonder of the Seas”. The Norton Rose Fulbright team advised on all aspects of the transaction, including the original financing and subsequent arrangements implemented in response to the impact of the COVID-19 pandemic on the cruise sector. The delivery is the first of three vessels financed under a French ECA supported receivable purchase financing and post-delivery financing in a total aggregate amount of approximately €2.5 billion, a transaction ...

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