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
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 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
Two newly built custom tugboats have been delivered to Canadian based SNC Lavalin to operate during the construction of Montreal's New Champlain Bridge on the Saint Lawrence River. The new vessels, one 13 meters long and the other 15 meters long
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 5.5 million tons in November, an increase of 13 percent compared to a year ago, Lake Carriers’ Association (LCA) reported. Shipments were also slightly ahead of the month’s five-year average.
A strong finish to the St. Lawrence Seaway’s 2016 shipping season is expected as freighters deliver raw materials and exports for North America’s industrial and agricultural sectors before the waterway closes December 31.
“The Great Lakes St. Lawrence Seaway System saw a steady flow of traditional cargoes during the month of October,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “Last month, shipments of aluminum, steel, generators, crane components
On October 28th, 2016 the Ocean Group Inc. of Quebec City, Canada took delivery of the 6000 kW ASD tug Ocean Taiga. This icebreaking escort tug joins her sister Ocean Tundra as some of the most powerful tugs in the Canadian registry, part of a new generation of extremely capable tugs
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 5,258,269 tons in September, a decrease of 5.6 percent compared to a year ago, the Lake Carriers’ Association reported. Shipments trailed the month’s five-year average by even more, 15.3 percent.
Bollinger Shipyards has delivered the USCGC Lawrence Lawson, the 20th Fast Response Cutter (FRC) to the United States Coast Guard. Ben Bordelon, Bollinger President & C.E.O. said, “We are very pleased to announce the delivery of the USCGC Lawrence Lawson to the U.S
Global Diving & Salvage, Inc. has surpassed the 10,000 dives on a single project at Olmsted Locks & Dam in Illinois. Tom Cameron, a long-time diver with Global, performed the 10,000th dive. Wade Miller, Marine Construction Manager with AECOM for the Olmsted Dam Project, said
“Notable increases were reflected in the export of wheat, corn and soybeans from the U.S. Ports of Duluth, Milwaukee and Toledo during the month of September,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation.
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