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
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
The U.S. Environmental Protection Agency (EPA) has determined that a “no discharge zone” can be established for the New York State portion of the St. Lawrence River. The New York State Department of Environmental Conservation petitioned the EPA to prohibit boats from discharging sewage into the river by establishing a “no discharge zone” for the area. The EPA has reviewed the state petition and found that there are adequate facilities around the St
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
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
A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm. The blaze on the tanker "Burgos" occurred off the coast of Boca del Rio in Veracruz state
Hurricane Paine formed in the Pacific more than 300 miles off the coast of Mexico early on Monday and is forecast to begin weakening later in the day, the National Hurricane Center (NHC) said. Mexico has no coastal warnings in effect for Paine
Great Lakes-St. Lawrence Seaway shipping rebounded in August due to a surge in U.S. grain exports, iron ore shipment improvements and a steady flow of raw materials for manufacturing and construction. “We’ve seen a real rally in August. St
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6,048,409 tons in August, an increase of 2.9 percent compared to a year ago, according to the Lake Carriers’ Association (LCA). However, shipments trailed the month’s 5-year average by 5 percent.
Diesel power specialist Royston has expanded upon its traditional engine service and repair business with the introduction of a new engine diagnostics, health check and consultancy service. This follows significant investment in personnel recruitment and training
3sun Group, specialist provider of products and services to the global energy industry, is reinforcing its ongoing commitment to the offshore wind industry with CEO Graham Hacon chairing a new special interest group. The Offshore Wind Supply Chain Special Interest Group (SIG) has been
“We are about half-way through the 2016 navigation season and our overall cargo tonnage numbers are down by 11 percent,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “The lack of iron ore and coal has definitely been a contributing factor
Poland based Protea, supplier of offshore and marine lifting and mechanical handling equipment including cranes, winches and launch and recovery systems, is expanding its offering to also deliver heavy lift cargo cranes. Protea engineers are currently developing an all new
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 5.6 million tons in July, a decrease of 15 percent compared to a year ago, according to the Lake Carriers’ Association (LCA). Shipments also trailed the month’s fuve-year average by more than 18 percent.
1861 - During the Civil War, the frigate, USS St. Lawrence, spots a schooner flying English colors and gave chase. Some four hours later, as she is overhauling the schooner, the fleeing vessel runs up the Confederate flag and fires three shots. Firing with her forecastle battery, St
While U.S. ports have been busy, overall the beginning of the shipping season has been slower than anticipated. “Although the overall cargo numbers remain down when compared to the same time frame last year, in June we were above the five-year average,” said Betty Sutton
Hapag-Lloyd remains the market leader among liner shipping companies in Canada. In the past year, the shipping company saw its market share increase to over 18%. Hapag-Lloyd is the largest liner shipping company in terms of throughput volume at both the Port of Vancouver and
The Lake Carriers’ Association (LCA) reports that iron ore shipments on the Great Lakes and St. Lawrence Seaway totaled 5.8 million tons in June, a decrease of 7.3 percent compared to a year ago. Shipments also trailed the month’s five-year average by 8.4 percent.
The Vancouver International Maritime Centre (VIMC) and the Department of Shipping, Trade and Transport of the University of the Aegean have signed a signed a Bilateral Agreement to develop faculty and student exchange programs as well as marine-related training initiatives between Greece and Canada
A U.S. Navy rear admiral pleaded guilty on Thursday to a charge of lying to federal investigators, making him the highest-ranking officer to be convicted in the expanding "Fat Leonard" bribery case. Robert Gilbeau, 55, a special assistant to the chief of the Navy Supply Corps