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WFW advises MPC Container Ships ASA on acquisition of Cido Shipping’s container ship fleet

Watson Farley & Williams (“WFW“) has advised Oslo-based MPC Container Ships ASA (“MPCC“) on the acquisition of the container ship fleet of South Korea’s Cido Shipping Group. MPCC has acquired Cido’s entire container ship fleet comprising ten vessels for US$130m. Following the signing of the sale and purchase agreements for the takeover of the fleet in late 2017, the majority of the vessels have been delivered to MPCC. MPCC is the owner of container vessels with a focus on the feeder container market. Listed on the Oslo Stock Exchange’s “Oslo ...

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Ince & Co France advises Louis Dreyfus Armateurs on the sale and leaseback of two bulk carriers

On 15 February 2018, Louis Dreyfus Armateurs (LDA) agreed with Ocean Yield, a Norwegian investment firm which specialises in shipping, on the sale and leaseback of two bulk carriers. Ince & Co France’s finance team advised LDA on the negotiation of this transaction, including the sale contracts for the vessels, as well as their chartering to two subsidiaries of LDA group. This transaction amounts to approximately $ 18m per vessel and the delivery of the two bulk carriers is scheduled for March 2018. These two vessels will be chartered by ...

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UK Supreme Court surprises Adjusters in the LONGCHAMP decision

The GA event and the litigation In January 2009 the chemical carrier “LONGCHAMP” was boarded by pirates in the Gulf of Aden and diverted to Somali waters. After about seven weeks of negotiations, the vessel’s owners agreed to a ransom of USD 1.85 million, down from the original ransom demand of USD 6 million. The Owner claimed in GA the costs incurred during the period of negotiation – crew wages including risk bonus, food, supplies and bunkers. The expenses were claimed under Rule F of the York Antwerp Rules 1974 ...

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Emirates Maritime Arbitration Centre met with Abu Dhabi Ship Building

The Emirates Maritime Arbitration Centre (EMAC) met with Abu Dhabi Ship Building Company as part of its awareness roadshow to demonstrate its obligation towards providing a trusted global standard in maritime arbitration and mediation. At the start of 2018, EMAC announced its plans to take to the UAE’s maritime majors with the goal of detailing how its services benefit the industry by simply including the EMAC model clause into future contracts. The Centre has been established for the maritime industry in the region, and the EMAC team are standing by ...

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Worldwide: “Demurrage Claims” For The Purposes Of Documentary Time Bars

On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Pacific Pte Ltd v Ocean Tankers Pte Ltd. The Judgment serves as a reminder to Owners to ensure that, if they have a claim for demurrage (no matter how it arises under the charter), as opposed to a claim for which any delay is compensated at the demurrage rate, they comply with any time bars in relation to demurrage claims. The Claim The question before the Court was whether a ...

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Interlegal – first Ukrainian law firm which performed ship arrest under new procedural rules

Interlegal is the first Ukrainian law firm which performed ship arrest at the sea port in accordance with new commercial procedural regulations, resulting in the Shipowner’s full debt recovery against the Client. Maritime agency filed a request to Interlegal on debt recovery for rendered services. The Client rendered agency services to the Debtor’s fleet which resulted in large debt amount. Pretrial dispute settlement between the parties had no positive effect. Interlegal lawyers analyzed promptly the Client’s documents and took measures aimed at detecting the vessel managed by the Debtor and ...

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New resolution regulates offshore and port support, cabotage and deep-sea navigation

On December 26 2017 the National Agency for Waterway Transportation (ANTAQ) published Normative Resolution 18, regulating the rights and duties of users, intermediary agents and companies operating in offshore and port support, cabotage and deep-sea navigation and establishing administrative infractions. The normative was subject to ANTAQ Public Consultation 16/2016 and has ultimately introduced innovations into this field, particularly regarding: the regulation of intermediary agents; refusals to provide maritime transport services; rights to retain goods or refuse to issue a bill of lading until the payment of freight and the general ...

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WFW advises ZEABORN on acquisition of E.R. Schiffahrt Group

Watson Farley & Williams (“WFW“) has advised Bremen-based ZEABORN Group (“ZEABORN”) on its acquisition of E.R. Schiffahrt, from its parent E.R. Group, which is owned by Mr Erck Rickmers. E.R. Schiffahrt is a dedicated ship management company with offices in Hamburg, Singapore, Hong Kong, Cyprus and the Philippines. Ship broker Harper Petersen, a subsidiary of E.R. Group, was also acquired by ZEABORN as part of this transaction. ZEABORN is a global shipping company providing services along the entire value added chain of a modern shipping business, from financing, through commercial ...

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UK: Prohibition On The Carriage Of Non-Compliant Marine Fuels

The global 0.5% sulphur cap for marine fuel, due to take effect from 1 January 2020, has led to calls for a prohibition on the carriage of non-compliant marine fuels. This is due to concerns that the cap will not achieve the desired benefits unless it can be consistently enforced worldwide. A proposal has been made to the IMO which involves an amendment to Annex VI to the International Convention for the Prevention of Pollution from Ships (MARPOL Convention), stipulating that “the sulphur content of any fuel oil carried for ...

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WFW advises NYK on its Long-term LNG Carrier Charter Agreement with EDF LNG Shipping

Watson Farley Williams LLP (“WFW”) advised NYK Nippon Yusen Kabushiki Kaisha (”NYK”) on the execution on 26 January 2018 of its long-term charter contract with EDF LNG Shipping, a subsidiary of the electricity major, Electricité de France (“EDF”). The contract is for the chartering of a newly built liquefied natural gas (LNG) carrier for seven years, with optional extension periods for up to thirteen additional years. WFW also worked closely with the commercial and in-house legal teams at NYK, Hyundai Samho Heavy Industries and EDF on the construction arrangements for ...

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Limitation of claims for costs in respect of salvage requires a wreck removal fund

On Friday 2 February 2018 the Dutch Supreme Court dealt with the issue of whether recourse claims for raising and removal of vessels and their cargo (i.e. salvage costs) can be limited by putting up a property fund in two separate cases. The Supreme Court answered this question negatively: a wreck removal fund must be formed according to the Dutch national regime in order to be able to limit liability for such claims. Factual background Both cases concern a collision. Chronologically, the first collision took place on 13 October 2008, ...

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CryptoTrade: Interlegal special award

In view of high interest in crypto-currency Black Sea law company Interlegal has announced special award CryptoTrade. The first Ukrainian company signing GAFTA/FOSFA contract on grain or oil FOB/CIF shipment from any Black Sea port under crypto-payment terms (Bitcoin or any other currency) will obtain a right on free legal consulting upon this or any other contract performance* + a bottle of Whisky specially chosen by Interlegal Whisky Club sommelier and participants. Source: Interlegal

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Storm damage in the shipping industry – who pays the bill?

A severe storm yesterday lashed Belgium, Germany, the UK and the Netherlands. The transport business was seriously disrupted. Schiphol Airport was closed and in the port of Rotterdam, shipping containers were reported to have toppled. Experience learns that damage will most likely also have been caused to vessels and/or the cargo carried on board. During a storm earlier this month, vessels broke loose of their moorings and drifted around, whereas containers were lost over board. The question will then arise whether such damage can be claimed from or alternatively whether ...

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Ince & Co presents at first Breakfast with EMAC seminar for 2018

Continuing its effort to provide the region’s maritime and legal communities the opportunity to learn more about maritime arbitration and mediation, the Emirates Maritime Arbitration Centre (EMAC) hosted its first Breakfast of 2018 to discuss how mediation helps resolve maritime disputes early. Rania Tadros, Managing Partner at Ince & Co, spoke, specifically about what mediation entails, detailing the benefits as a mechanism for resolving maritime disputes. “Mediation is a viable alternative to arbitration and litigation when seeking to resolve disputes across various jurisdictions. Mediation is a great option to address ...

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Ince & Co France advises EDF on the chartering of a LNG carrier with NYK

EDF LNG Shipping, a subsidiary of EDF group, signed a long term charter contract with the Japanese shipowner NYK on January 26th 2018. The vessel, with a capacity of 174,000 cbm, will be built by the shipyard Hyundai Heavy Industries with delivery expected by spring 2020. Ince & Co supported EDF LNG Shipping in the negotiation and drafting of the time charter contract providing for an initial charter period of seven years which can be further extended to twenty years. This major operation has been made possible through the set-up ...

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