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.
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
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
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 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
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 U.S. Department of Transportation’s Saint Lawrence Seaway Development Corporation (SLSDC) today joined the Port of Cleveland in announcing the launch of the Port of Cleveland’s Express Ocean Freight Service. The new service will run between the Port of Cleveland and Antwerp
The U.S. Coast Guard concluded icebreaking operations on the lower Great Lakes, Monday, more than four months after it started, Dec. 15, 2013. Operation Coal Shovel is a binational domestic icebreaking effort covering the St. Lawrence Seaway, Lake Ontario, Lake Erie, the Detroit/St
The U.S. Supreme Court on Monday declined to review a ruling against Exxon Mobil Corp that ordered the company to pay $105 million in damages for polluting New York City's groundwater with a toxic gasoline additive. The decision not to hear the case leaves intact a July 2 U.S
The Great lakes St. Lawrence Seaway System today issued notices number nine and 10 regarding maximum allowable drafts in the Montreal section in Lake Ontario and revocation of certain transit restrictions. Seaway notice 9 addresses maximum allowable drafts in Lake Ontario’s Montreal
A cruise ship with more than 100 passengers and crew suffering from a gastrointestinal ailment caused by Norovirus, have arrived in San Diego, a cruise line spokeswoman said on Thursday. The Crown Princess, carrying 3,141 passengers in all
With the departure of the vessel Fortunagracht out of Antwerp, Belgium over the weekend, the Cleveland-Europe Express service between the Cleveland Harbor and Europe via the Saint Lawrence Seaway has officially launched. The vessel is loaded with breakbulk and containerized cargo and is set to
The U.S. Coast Guard and Canadian Coast Guard icebreakers are continuing to create pathways for commercial shippers throughout the Great Lakes region including the St. Lawrence Seaway, which connects the Great Lakes to the Atlantic Ocean.
$500 Million Being Invested in Vital North American Trade Route The St. Lawrence Seaway Management Corporation (SLSMC) marked the opening of the Seaway’s 56th navigation season today, with the transit of Algoma Central Corporation’s newly built ship, the Algoma Equinox
The Canadian Shipowners Association (CSA) says it is extremely pleased that the Government of Canada is responding to the need for additional icebreaking support on the Great Lakes and St. Lawrence Waterway, as with another icebreaker, key cargo such as wheat, will move to market quicker.
The St. Lawrence Seaway Management Corporation has announced that it has delayed its annual opening of the Montreal-Lake Ontario section until March 31, 2014. The Management Corporation informs that the Canadian Coast Guard is already undertaking icebreaking to support the movement of commercial
Neptune Maritime Security says that Graham Storey has joined its team representing Asian and South East Asian clients. Graham has a wealth of experience in the shipping industry in Singapore and will be working closely with Neptune’s representatives in Japan and Asia.
With the Great Lakes and St. Lawrence Seaway facing the thickest and broadest ice cover in years, the Canadian Shipowners Association (CSA) is extremely concerned that Canada's ice-breakers will not be able to create and maintain the routes needed to move key cargo to Canadian and American
Neptune announced that Graham Storey has joined its team representing Asian and South East Asian clients. Graham has shipping industry experience in Singapore and will be working closely with Neptune’s representatives in Japan and Asia.
Australian industry, state and federal governments have endorsed a new National Plan for Maritime Environmental Emergencies. According to the Australian Maritime Safety Authority AMSA, the new plan sets out the cooperative arrangements between governments and industry to respond to maritime
Liverpool-based maritime advisory firm and consultancy Focus Maritime (North West) Limited has been appointed to promote Canada's Halifax Port Authority across Europe. The move by the Nova Scotia-based authority is aimed at strengthening its presence across the continent and sees