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
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
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
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 US Saint Lawrence Seaway Development Corporation (SLSDC), in conjunction with the St. Lawrence Seaway Management Corporation (SLSMC) of Canada, proposes to amend the St. Lawrence Seaway Regulations and Rules. The proposed changes would update the following sections of the Regulations and Rules: Condition of Vessels; Seaway Navigation; and Information and Reports. The SLSDC is seeking to harmonize the ballast water requirements for vessels transiting the US waters of the Seaway with
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
Albagaia announced is range of Hydrosense Legionella testing kits which are designed to suit the marine industry. Shipping has been increasingly hit by demands of officialdom in health and safety compliance viz a viz Legionella. Vessels failing tests can be stuck in port for days awaiting remedial
The Great Lakes Seaway Ballast Water Working Group announces the release of the 2013 Summary of Great Lakes Seaway ballast water management report. The mission of the BWWG is to harmonize ballast water management efforts between: the U. S
The Great Lakes Seaway Ballast Water Working Group (BWWG) informs of the release of its 2013 Summary of Great Lakes Seaway ballast water management report. The mission of the BWWG is to harmonize ballast water management efforts between: the U. S
A group of passengers suing Carnival cruise lines for damages after an engine fire left their ship adrift for days are asking the company to pay $5,000 a month for the rest of their lives for medical bills and mental anguish. A lawsuit brought by 33 passengers of the ill-fated 2013 voyage could
The 6000 kW ASD tug 'Ocean Tundra' has been commissioned into service by owners, Ocean Groupe Inc. (Ocean) of Quebec City, Canada. This icebreaking escort tug, say designers Robert Allan, becomes the most powerful tug in Canadian registry, and heralds a new generation of tugs which will provide
Three crewmen have been rescued off Lowestoft this afternoon after their vessel caught fire in the North Sea, the Humber Coastguard reported. Humber Coastguard coordinated the rescue operation after the crew abandoned the ECC Topaz 10 nautical miles east of the town
Three crewmen have been rescued off Lowestoft this afternoon after their vessel caught fire in the North Sea. Humber Coastguard coordinated the rescue operation after the crew abandoned the ECC Topaz 10 nautical miles east of the town.
For the second consecutive year, a surge in grain movements led to a strong finish for the St. Lawrence Seaway. The St. Lawrence Seaway Management Corporation (SLSMC) announced today that the Seaway closed for the season on January 1, 2014, with the eastbound vessel Orsula transiting the St
The U.S. Senate has overwhelmingly passed the Omnibus appropriations bill, allowing key SC Ports Authority projects to proceed, says the Ports Authority. The bill was passed by the U.S. House of Representatives with support of five members of the South Carolina delegation
Scottish environmental engineers Albagaia announced the latest range of Hydrosense Legionella testing kits specifically designed to suit the marine industry. Shipping has been increasingly hit by demands of officialdom in health and safety compliance viz a viz Legionella
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). Some of the amendments
The St. Lawrence Seaway Management Corporation (SLSMC) announced that Gerald Carter has been appointed to its Board for a three-year term. He replaces Ralph Mercier as the representative for the Québec Provincial Government. Gerald Carter comes to the Seaway with a long history in marine
On January 25, 2014, two newbuild Trillium Class bulk carriers were launched for Canada Steamship Lines Inc. (CSL) at Yangfan shipyard in Zhoushan, China. The 36,100-DWT, seaway size gearless bulkers are part of CSL’s ambitious fleet renewal program which oversaw the delivery of four new
The Australian Maritime Safety Authority (AMSA) has awarded two substantial new contracts to Brisbane-based company Australian Maritime Systems Limited to provide emergency towage services in Far North Queensland as well as to maintain its aids to navigation network.
Today in U.S. Naval History - February 24 1813 - USS Hornet, Captain James Lawrence, captures HMS Peacock 1968 - Task Force Clearwater established in I Corps For more information about naval history, visit the Naval History and Heritage Command website at history.navy.mil