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
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
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
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 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
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 U.S. Coast Guard’s response to a cruise ship that allided with a concrete wall in the Eisenhower Lock in the St. Lawrence Seaway has continued Friday in Massena, New York. There were 274 people, including passengers and crew
The cruise ship MS Saint Laurent has been re-floated, all passengers are safely off and the lock has been re-opened, following the collision on last Thursday. "Today (Saturday afternoon), the passenger cruise ship Saint Laurent was safely re-floated and exited the Eisenhower
The 185 meter long drybulk vessel MV Tundra (30,892dwt, built 2009) owned by Canfornav, part of the Canadian Forest Navigation Group, has run aground overnight on the St. Lawrence Seaway at Lancaster, Ontario in Canada. The Tundra had veered a short distance out of the shipping
Two tugboats capsized and sank close to each other on the St. Lawrence River on Monday. They are the latest in a recent flurry of adverse incidents on the waterway. Witnesses say the first tug tipped over around 4 p.m. while the crew managed to escape before the boat capsized
A cargo ship seized by Iran's Revolutionary Guards forces is being escorted to the Iranian port of Bandar Abbas after it was approached in international waters, the shipping line which is hiring the vessel said on Tuesday. "According to our information the vessel is currently being
Maersk said on Wednesday Iranian authorities had told it the Maersk Tigris vessel had been seized over an unresolved claim, but as it had not received any documents it could not confirm this had been the reason for Iran's actions. Iranian patrol boats on Tuesday fired warning shots as
Mariners are advised that due to low water levels on Lake St-Louis the speed limit between buoys A30 and A40 is reduced as follows: * Vessels with a draft greater than 70 dm are limited to 10 knots upbound and 12 knots downbound.
Manchester cable safety seal manufacturer Roxtec has reported increased demand for its cruise ship cable and pipe seals. The firm has seen a 67 percent rise in sales for its watertight pipe and cable seals in the U.K. marine market in the last 12 months.
Inmarsat said that that it has expanded its Machine-to-Machine (M2M) portfolio by type approving the Hughes 9450-C11 terminal, the first mobile BGAN M2M-enabled terminal. It means that BGAN M2M — Inmarsat’s global, IP-based
Grain shipments through the St. Lawrence Seaway are up 7 per cent this season, continuing the pace set last year when ships carried the largest volume of grain through the navigation system in 14 years. According to The St. Lawrence Seaway Management Corporation
Harris Pye Engineering has announced the recent alliance with Grand Bahama Shipyard Ltd. The two companies met in Miami at the Cruise Shipping Exhibition and discussed a working relationship earlier this year, which was continued through further discussions during OTC in Houston.
Diesel power engineering specialist Royston has introduced a next-generation version of its fuel management system, Enginei. The new integrated system, with a range of enhanced fuel data analysis and reporting options, has been developed in consultation with vessel operators and owners
Tropical storm Carlos threatened Mexico's Pacific coast with heavy rain on Monday as it churned west near the port of Lazaro Cardenas, and it is forecast to become a hurricane again by early Tuesday, the U.S. National Hurricane Center said.
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6.6 million tons in May, an increase of 53 percent compared to ice-impacted April, and 4 percent better than a year ago and the month’s 5-year average, according to the Lake Carriers’ Association (LCA)
A cruise ship struck a lock wall in the Saint Lawrence Seaway upstate New York Thursday night, injuring several passengers, the U.S. Coast Guard reported. There were 274 people, including passengers and crew, aboard the 286-foot vessel Saint Laurent when the ship allided with a wall in