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
Algoma Central Corporation announces the arrival in Canada and the christening of its second Equinox Class bulk cargo vessel, the 'Algoma Harvester'. The christening took place at Pier 26 South in Hamilton Harbour before an audience that included local dignitaries and members of the marine industry
2H Offshore, an Acteon company, has joined an international European consortium comprising nineteen industry and research organizations to develop deepwater mining solutions. Over the next four years, the European Commission funded project, known as Blue Mining
Humber Coastguard received a call just after 10am this morning reporting two people in the water after their powered canoe had capsized just west of the Humber Bridge. The Hull Coastguard Rescue Team, Humber Rescue Inshore Lifeboat and the police all attended and found one of the
Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services, to form a new combined shipbroking business, which will trade as Braemar ACM Shipbroking.
Mexico's finance minister said on Thursday that if state oil giant Pemex opted to sell its 9.3 percent stake in Spanish peer Repsol, it would "not be a bad decision" because the money could be invested in Mexico. In an interview with Mexican radio
A chip off the old block makes aeronautics his claim to fame The U.S. Navy, and the aeronautic field in general, has benefited enormously from the genius of more than one Sperry. Lawrence Burst Sperry, the second son and third child of gyrocompass inventor Elmer A
The US Coast Guard Ninth District has responded to the Hong Kong-flagged cargo ship 'Federal Kivalina' which lost its steering while transiting the Seaway in the vicinity of Wellesley Island, New York. The Federal Kivalina, a 656-foot, Hong Kong-flagged freighter carrying 23
After losing steering Tuesday and emergency anchoring it has now been established that the 'Federal Kivalina', a 656-foot Hong Kong-flagged vessel is aground. The freighter is currently anchored upriver, about one-third of a mile from the Thousand Island Bridge
Incident responders from the U.S. Coast Guard (USCG) and representatives from the Saint Lawrence Seaway Development Corporation continue to oversee the salvage and investigation of the disabled freighter that ran aground after losing steering Tuesday while transiting the St
Incident responders from the Coast Guard and representatives from the Saint Lawrence Seaway Development Corporation completed the salvage of the freighter that lost power and ran aground in the St. Lawrence Seaway, Tuesday, and have reopened the seaway to all vessel traffic as of 7:30 p.m
Canadian shipping company Algoma Central Corporation has renewed and upgraded its VSAT Connectivity contract with technology solutions provider Imtech Marine. The agreement now provides VSAT satellite coverage and airtime Connectivity to 34 vessels which are owned or managed by Algoma.
Coast Guard aids to navigation teams throughout the Ninth Coast Guard District completed restoring the Great Lakes and St. Lawrence Seaway aids to navigation system, Friday, following a late start to the operation due to the extended ice season.
Global safety seal manufacturer Roxtec has completed a project supplying cable and pipe seals to a six level accommodation module on the Golden Eagle development. The living quarters houses 70 self-contained cabins for up to 140 people. It also includes a gymnasium, dining room
Today in U.S. Naval History - June 26 1884 - Congress authorizes commissioning of Naval Academy graduates as ensigns 1918 - Marine brigade captures Belleau Wood 1959 - Twenty-eight Naval vessels sail from Atlantic to Great Lakes, marking the formal opening of Saint Lawrence Seaway to
Great Lakes legislators played a key role in yesterday’s vote in the House of Representatives to increase the U.S. Army Corps of Engineers’ national budget by nearly $58 million. Rep. Bill Huizenga (R-Mich.), along with Rep. Janice Hahn (D-Calif