Harry Theochari News

Shipping and asset finance lawyer, Harry Theochari OBE, has been appointed as the new Chair of the Belfast Maritime Consortium.Theochari holds the position of Senior Consultant at global law firm Norton Rose Fulbright LLP. He is also current Chair Emeritus of Maritime UK, Chair of Maritime London, and esteemed member of the Institute of Maritime Law Advisory Board at the University of Southampton, and brings with him over thirty seven years’ experience in the maritime sector and…

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…

UK has issued  version 2 of the Maritime Autonomous Surface Ships (MASS) UK Code of Practice, giving greater guidance on skills, training and vessel registration. The UK Maritime Autonomous Systems Regulatory Working Group (MASRWG) published the first code of practice to global industry-wide acclaim in November 2017.Whilst not a legal text, the Code has been used by manufacturers, service providers, and others as part of their day-to-day work. Many manufacturers have reported clients requiring compliance with the Code as a basis for contractual negotiations.The Code of Practice provides guidance for the design, construction, and operation of autonomous maritime systems.Whilst the first version was majorly focused on the design and manufacture of vessels…

Financiers are set to take a tougher stance towards distressed shipping loans including more enforcement action to recoup funds, while capital on offer to the industry is expected to shrink further, a leading transport survey showed on Wednesday. The global shipping sector is reeling from a near-decade-long downturn, which has seen companies collapse and banks scale back exposure or exit entirely from providing finance. While there are signs of returning confidence in shipping, as players eye better prospects and the worst of the recession abates, the industry faces a financing black hole estimated at $30 billion this year. In an annual survey by international law firm Norton Rose Fulbright…

The Vancouver International Maritime Centre (VIMC) is on a mission to grow the city and port into one of the world’s premiere maritime centers. Maritime Reporter & Engineering News recently spoke with Kaity Arsoniadis-Stein, Executive Director of the newly re-established VIMC, for her insights on the pace and direction of the initiative. Let’s start out easily. Why Vancouver? Why now? Why Vancouver? Projections and studies indicate that global trade will increase and shift to the Pacific due to the demand of resources by China and India.

The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead Transport survey from global law firm Norton Rose Fulbright. China and India are the most popular jurisdictions for investment, followed by the US, with growth through consolidation viewed as the best investment opportunity currently. While confidence among respondents from the aviation and rail industries is high, owing to lower oil prices, the availability of funding and the impact of infrastructure improvements, the shipping industry remains the least optimistic as a result of overcapacity in many subsectors of the market.

Global shipping confidence is at an all-time low as fears of a global recession and Britain's vote to leave the EU pile pressure on parts of the industry already suffering from its worst downturn, a leading transport survey showed on Wednesday. The global container sector, which transports everything from bananas to iPhones, as well as the dry bulk shipping market hauling commodities including iron ore and coal, are struggling with a glut of ships, a faltering global economy and weaker consumer demand.

The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright, says a report in Reuters. The growing vessel glut is battering sentiment in the shipping industry at a time when players face risks to growth in Asia and turmoil in countries such as Greece. The annual survey by Norton Rose Fulbright reveals that the confidence among respondents had deteriorated over the past year with only 33 percent viewing current market conditions as positive, compared with 69 percent in 2014. Two thirds of respondents working in the industry said they were pessimistic about its prospects, the most negative outlook since 2009, the London-based company said in a statement.

Reuters –  Overcapacity threatens to derail a fragile recovery in the global shipping sector as ship owners and investors place orders for new vessels betting on better times, according to a recent survey. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into its biggest crisis since the 1930s. In recent months, prospects have brightened as the sector absorbs the tonnage as well more positive signs for world trade. Investors including private equity players are eyeing prospects with a wave of new ship ordering taking place.