London law firm, Lawrence Graham has advised the Latvian Shipping Company on a complex multi-bank loan scheme to finance its recently completed purchase of three 68,000 dwt product tankers. The $125 million deal, together with $90 million of associated acquisition finance, involved separate loan agreements with banks in Hamburg, Stockholm, Riga and Rotterdam. Duncan Bateson, senior shipping assistant lawyer, who managed the transaction, says, "LATCO wanted to take the opportunity to get to know a number of banks through separate loans rather than obtain one syndicated loan. Negotiating three sets of loan documents added an extra challenge to quite a tight delivery schedule." Latvian Shipping Company agreed to pay $41.6 million for each of the sister vessels and Lawrence Graham advised them on three separate purchases and loan facilities of $30 million each. The purchases and financings involved coordinating legal advice from many jurisdictions around the world, including Germany, Sweden, Latvia, Netherlands, Greece, Malta, Bermuda, Cyprus, Caymans, Liberia, with the vessels delivered in Japan and Brazil. The Lawrence Graham team consisted of shipping partner Mike Lax and finance partner Paul Walker, who were assisted by senior shipping assistant Duncan Bateson and finance junior Raj Bahia.
TERMS of settlement have been reached in the protracted legal dispute between Polish shipyard Stocznia Gdanska, Latreefers and the Latvian Shipping Company ("Latco"). The settlement, the terms of which remain confidential, brings to an end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham. Ince & Co represented the Polish yard.
The Graham name is well known in the Gulf of Mexico maritime world with family ownership of fleet operator Graham Gulf and the C&G Boat Works in Mobile Alabama. As Graham Gulf's newest crew boat leaves the C&G Boat Works and goes into service this month it will mark a special memorial. The 165-foot vessel is named for Gayla Graham, sister to Janson Graham and a partner in the firm, who died tragically in an auto accident last year
London law firm Lawrence Graham says shipping is focusing on complying with security requirements, but another Convention soon to be enforced will have major ramifications for all aspects of shipping. Are you ready for the Hazardous and Noxious Substances Convention 1996? Writing in the latest issue of Shipping Lawgram, Imogen Rumbold, shipping partner, says the HNS Convention is likely to come into force in the next two years
Three experienced shipping lawyers have moved to the 45 million GT North of England P&I club, further confirming its status as one of the major players in the international maritime insurance industry. They include two partners from leading London maritime firms and a US shipping attorney from New York. Former Lawrence Graham partner Charles Baker (54) has joined the club's freight, demurrage and defence department as a solicitor
A new study released today reveals that $7 billion is being spent on asset renewal and infrastructure improvements in the bi-national Great Lakes-St. Lawrence shipping system. The investment survey, compiled by maritime trade consultants, Martin Associates, tallies US$ 6.9 billion in capital spending on ships, ports and terminals and waterway infrastructure in the Great Lakes and St. Lawrence waterway. Of that total, $4
Fabrication of the 28th and last Arleigh Burke Class Aegis Destroyer contracted for Gulf Coast construction began on Oct. 18 at Northrop Grumman Ship Systems - Ingalls Operations shipyard, Pascagoula, Miss. Named for the late Vice Adm. William P. Lawrence, DDG 110 is scheduled for delivery in the fourth quarter of fiscal year 2010. Lawrence's widow, Diane Wilcox Lawrence, is the ship's sponsor. DDG 110 will be assigned to the Pacific Fleet.
The Montreal/Lake Ontario section of the St. Lawrence Seaway officially opened today with the transit of the M/V Halifax at the St. Lambert Lock. Destined for Toledo carrying a load of iron ore from Sept-Iles, the 17,752 tonne bulker has a complement of 25 sailors. The Seaway has opened on or before March 31st in 15 of the last 20 years. The official opening of the St. Lawrence Seaway occurred on the Welland Canal two days ago, marking its 46th consecutive shipping season
The USS William P. Lawrence (DDG 110) will be commissioned June 4, 2011, at the Alabama State Port Authority Pier 2 Terminal in a ceremony co-hosted by the City of Pensacola and the City of Mobile. The commissioning was originally planned for NAS Pensacola as part of the celebration of the Centennial of Naval Aviation. Mobile offered to co-host the ceremony at the Port of Mobile after the U.S. Army Corps of Engineers announced the channel leading to the Pensacola base would not
Jackup drilling rig successfully navigated through Cook Inlet. Foss Maritime Co. tugs Justine Foss and Jeffrey Foss have completed a successful tow of a jackup drilling rig to its winter harbor in Port Graham, Alaska. The Spartan 151 jackup drilling rig was moved from its drill site at Nikiski, in the Cook Inlet, which becomes choked with ice during the winter. Gary Faber, president and COO of Foss Maritime
The 2014 Summary of Great Lakes Seaway Ballast Water Management activities was released by the Great Lakes Ballast Water Working Group (BWWG) Thursday. The BWWG aims to harmonize ballast water management efforts between the U.S. Coast Guard
Robert Jumonville, former Port of New Orleans Cruise and Tourism Director and René Trépanier, Director of Cruise the Saint Lawrence, received the 2015 American Association of Port Authorities (AAPA) Cruise Awards yesterday during the AAPA biennial Cruise Seminar in Fort Lauderdale
One of the largest exclusive ship repair fleet agreements in Caribbean history, worth more than $10 million, signed between GBSL and Crowley which will extend to mid – 2017. Grand Bahama Shipyard Limited (GBSL), the ship repair and refurbishment yard in Freeport Grand Bahama
Calecore continues strong Norwegian presence with recent contract awards from three majors, including imminent works with ABB Calecore has been contracted by ABB to supply a pre-lay survey of the Martin Linge PFS (Power from Shore) cable route to be conducted from the DP2 class vessel
Shipments through the St. Lawrence Seaway remained strong in October as North American manufacturers and cities stockpiled vital materials in advance of the coming winter and farmers relied on the waterway to export the new harvest. According to the St
INTERTANKO announced that when its Council of Members met this week in Dubai it elected Nikolas Tsakos – President and Chief Executive of Tsakos Energy Navigation – as Chairman, succeeding Graham Westgarth who steps down after five years in post.
Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th year since the founding of the company, 55 years of continuous general cargo liner service from FALLine and 50 years since the
With just one month left of the season, St. Lawrence Seaway cargo shipments are expected to finish ahead of 2013 after a remarkable year of grain exports and steel imports. According to the St. Lawrence Seaway, total cargo shipments reached 34
The crew of a stricken fishing vessel, seemingly washed up on the beach at Chapel St Leonards, are safe and well, Humber Coastguard reported. Skegness and Chapel coastguards, Skegness RNLI inshore lifeboats and a rescue helicopter were all tasked to the 18-foot coble reported to the
The second of Canada Steamship Lines' (CSL) two newbuild Trillium Class Great Lakes bulk carriers, CSL St-Laurent, was delivered on November 26, 2014 and set sail on her maiden voyage on December 13. She departed at 20:00 CST from Yangfan shipyard on Zhoushan Island, China
The Seaway concluded the 2014 navigation season with 40 million tonnes of cargo, which represents a full recovery from the 2009 global financial crisis and its ensuing aftermath. The St. Lawrence Seaway Management Corporation (SLSMC) announced today that the Seaway closed for the season
The Seaway concluded the 2014 navigation season with 40 million tonnes of cargo, which represents a full recovery from the 2009 global financial crisis and its ensuing aftermath. The St. Lawrence Seaway Management Corporation (SLSMC) announced today that the Seaway closed for the
The Windsor Port is key area in the planned $7-billion worth of investments to transform Canada’s most important transportation and trade networks, the Great Lakes-St. Lawrence Seaway. Approx $60 million has been spent in Windsor to improve infrastructure the last five years.
Under agreement with the U.S. Saint Lawrence Seaway Development Corporation, The St. Lawrence Seaway Management Corporation is proposing to amend the joint Practices and Procedures (known as regulations within the SLSDC). The text of the amended Practices and Procedures is included
The American Association of Port Authorities (AAPA) will honor two 2015 Cruise Award recipients at the group's 2015 Cruise Seminar, the APAA announced today. J. Robert Jumonville, former cruise and tourism director for the Port of New Orleans, and René Trépanier