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
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
More than 400 U.S. and Canadian government, commercial and environmental officials will meet for a two-day conference beginningWednesday, January 29 at the Sheraton Cleveland City Center. Known as Marine Community Days, this event brings together the U.S. and Canadian members of the Great Lakes/St. Lawrence Seaway marine community to discuss a broad range of issues. Discussion topics will include: Homeland Security, the Maritime Transportation System, maritime security, navigation
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.
Seaspan Corporation announced today that it has entered into an agreement with Greater China Intermodal Investments LLC and Blue Water Commerce, LLC to extend the term of their Right of First Refusal Agreement by one year to March 31, 2016
The Maritime Alliance promotes the 6th Annual event Novemeber 12-13, 2014 at the McMillin Companies Event Center in San Diego, CA as a unique opportunity to understand trends, network with leaders from the public and private sector
Total cargo shipments on the St. Lawrence Seaway have surpassed 2013 levels despite one of the most difficult starts to the shipping season in years due to ice coverage. According to Seaway figures, total cargo tonnage from March 25 to August 31 reached 20 million metric tons
FleetPro says it will manage the technical and hotel operational services of Haimark Line's newly acquired MS Saint Laurent” from May 3rd, 2015. Haimark Line, with offices in Denver, Chicago and Berlin will launch the highly popular Great Lakes and St Lawrence Seaway Cruises with the
The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was appointed to the Board in November of 2012, and represents domestic carriers. As the former President and CEO of Algoma Central
A man has been rescued after his yacht ran into difficulty 28 nautical miles north of Cromer. Humber Coastguard received a distress alert from the 22-foot yacht just after 8 a.m. this morning. The person on board reported that he was taking on water
In the first issue its 'Perspectives' online magazine DNV GL’s Graham Bennett points out that the Macondo incident has cast a spotlight on well control standards and the need for more consistency in training. Offshore oil and gas activities are not, by nature, inherently safe
Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division has donated $53,640 to Mississippi Gulf Coast Community College (MGCCC) for the purchase of welding machines to be used at the school's new Transitions Academy. The academy will be housed at MGCCC's West Harrison County Center in
Over 15 million metric tons of cargo moved through the St. Lawrence Seaway during the month of July, down just 4 percent over last year, marking a sustained comeback after the slow start to the shipping season. "The month of July was extremely busy for our ports on the Great Lakes-Seaway
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.
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
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
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
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
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