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
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.
More than 400 U.S. and Canadian government, commercial and environmental officials will meet for a two-day conference beginningWednesday, January 29 at the Sheraton Cleveland City Center. Known as Marine Community Days, this event brings together the U.S. and Canadian members of the Great Lakes/St. Lawrence Seaway marine community to discuss a broad range of issues. Discussion topics will include: Homeland Security, the Maritime Transportation System, maritime security, navigation
The Canadian Coast Guard (CCG) authorizes the passage of vessels up to 44 metres wide in the Quebec-Montreal section of the St. Lawrence navigation channel. The previous authorized width was 32.1 metres without restrictions. The CCG has made the provisions following a study commissioned by
Project Launched to Size-Up Offshore Workers Research to measure offshore workers’ body size with 3D scanners to inform the future design of safety equipment, survival clothing and space requirements on offshore installations has been launched in Aberdeen.
In response, Wilhelmsen Ships Service (WSS) launch the Nalfleet Potable Water Test Kit, which enables sea staff to monitor the quality of onboard potable water. The enforcement of the Maritime Labour Convention (MLC 2006) in August 2013 will for the first time set out regulations specifying the
The Port of Indiana-Burns Harbor celebrates the opening of the St. Lawrence Seaway 2013 international shipping season with the recent arrival of two vessels. On March 22, the St. Lawrence Seaway opened its locks for ocean vessels from around the world to enter the Great Lakes and deliver cargo to
Coast Guard inspectors conducted certificate of compliance examinations on two mobile offshore rigs heading for Cook Inlet. Inspectors from Coast Guard Sector Anchorage, Marine Safety Detachment Homer and Marine Safety Unit Texas City successfully examined the vessels to verify compliance with
The St. Lawrence Seaway Management Corporation (SLSMC) announced the opening of the Seaway’s 55th navigation season with the transit of Canada Steamship Lines’ newly built Baie St. Paul through the St. Lambert Lock. Marking the first of a series of new vessels being constructed
Inchcape Shipping Services (ISS), a leading maritime services provider, is advising of a three per cent increase in St. Lawrence Seaway tolls in Canada for the 2013 shipping season. The increase by The St. Lawrence Seaway Management Corporation will be the first rise in five years and will take
During a recent South Carolina Ports Association (SCPA) meeting the twelfth straight month of year-over-year growth was noted. Container volume for the first eight months of the fiscal year are up more than 11 percent to 1,024,121 TEUs handled from July to February, up from 920
The Canadian St. Lawrence Seaway Management Corporation (SLSMC) increase tolls 3% for 2013 season. There are no tolls charged for transiting the U.S. section of the Seaway's lock system which is operated by the U.S. Saint Lawrence Seaway Development Corporation.
The 'Cape St George' has been named during a ceremony held at Austal’s Henderson shipyard in Western Australia. Cape St George is the first of eight new boats being built by Austal for the Australian Customs and Border Protection Service under a design
The St. Lawrence Seaway Management Corporation (SLSMC) announced that tolls for the 2013 navigation season will increase by 3%. Following a five-year freeze on toll rates, the modest increase in tolls underscores the SLSMC’s determination to maintain the positive momentum generated by its
Capt. Graham Westgarth, who becomes a non-executive Seagull Director, has over 40 years industry experience including 18 years at sea (five years as a Ship’s Master). From 2001 to 2010, he was responsible for Teekay’s 5,000 sea and shore staff and the technical management of 200 vessels
Intertanko Chairman and former Teekay President Marine Services Capt. Graham Westgarth has joined the board of Seagull AS, provider of complete training solutions for seafarers. Capt. Westgarth, who becomes a non-executive Seagull Director
The Great Lakes Ballast Water Working Group (BWWG) has released its 2012 Summary of Great Lakes Seaway Ballast Water Management. The mission of the BWWG is to harmonize ballast water management efforts between: the U.S. Coast Guard; Transport Canada; the Saint Lawrence Seaway Development
A comprehensive report released today has defined the modal and environmental advantages of using marine shipping to transport goods in the Great Lakes-St. Lawrence Seaway region. A study titled The Environmental and Social Impacts of Marine Transport in the Great Lakes-St