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
Units from around the Coast Guard 9th District continue work on their annual retrieval of the Great Lakes and St. Lawrence Seaway System seasonal aids to navigation, the largest domestic ATON recovery operation in the U.S. Operation Fall Retrieve
Worldwide, drowning is claiming and affecting millions of lives every year. To help combat this problem the International Maritime Rescue Federation (IMRF) and the International Lifesaving Federation (ILS) have agreed and signed a Memorandum of Understanding (MoU).
After more than 30 years as founders and owners of Global Diving & Salvage, Inc., Tim Beaver and John Graham continue to remain excited about the future of the company. This month, they announced the newest chapter in Global’s history; Devon Grennan, President for the past four years
The Port of Prescott owned and operated by the Township of Edwardsburgh/Cardinal, located on the St. Lawrence River south of the Canadian Capital of Ottawa, Ontario has announced that effective January 1, 2014, the Port will be officially renamed the Port of Johnstown
U.S. Transportation Secretary Anthony Foxx today administered the oath of office to former U.S. Congresswoman Betty Sutton who becomes the tenth Administrator of the U.S. Department of Transportation’s Saint Lawrence Seaway Development Corporation (SLSDC).
Demonstrating the rapid progress of the Cape-class Patrol Boat Program, Austal has hosted the keel-laying ceremony for the third vessel, 'Cape Nelson', one of eight 56-metre patrol boats that Austal is designing, building and supporting for the Australian Customs and Border Protection Service.
3sun Group, a specialist provider of products and services to the global energy industry, has been appointed as an agent of Outreach Ltd. Outreach Ltd. is a supplier of hydraulic handling, lifting and access equipment to the offshore and renewables industry with experience in repairs
While total cargo movements through the St. Lawrence Seaway in August remained in the negative column (down 9 percent over 2012), the 19.3 million metric tons of cargo moved through the system represented an improvement over last month's statistics
The St. Lawrence Seaway Management Corporation (SLSMC) announced today that Oakville based Dufferin Construction has been awarded a contract to replace a series of ship tie-up walls on the Welland Canal. The contract, which entails the removal of the present timber tie-up walls and the
Algoma Central Corporation's 'Algoma Equinox', the first in a series of eight Equinox-class ships, has set sail from the Nantong Mingde Heavy Industries shipyard in Nantong, China bound for Canada. The series consists of four gearless bulk carriers and four self-unloading bulk carriers
The Society of Petroleum Engineers (SPE) Aberdeen Section has announced that entries are now open for the 2014 Offshore Achievement Awards. The awards, which are hosted by SPE Aberdeen with the support of principal sponsor TAQA, have recognized outstanding success and innovation in the oil and
Today in Naval History - October 8 1812 - Boat party under Lt. Jesse D. Elliott captures HMS Detroit and Caledonia in Niagara River. 1842 - Commodore Lawrence Kearny in USS Constitution addresses a letter to the Viceroy of China, urging that American merchants in China be granted the same
In anticipation of the coming ice season and to ensure the safety of vessels transiting the Great Lakes Basin, earlier this week the Coast Guard 9th District began its annual retrieval of the Great Lakes and St. Lawrence Seaway System seasonal aids to navigation
The St. Lawrence Seaway reported that year-to-date total cargo shipments for the period March 22-September 30 were 23 million metric tons. While this number is down 11% over the same period in 2012, U.S. ports continue to beat the odds with increased tonnage in several cargo categories.
The St. Lawrence Seaway reported that year-to-date total cargo shipments for the period March 22 to October 31 were 28 million metric tons, down 7% over the same period in 2012. With only two months left in the shipping season, U.S. ports are hustling to move as much cargo as possible.