What to Expect From Hanjin Fallout?
South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation. Ince & Co's Knowledge Bank takes a look. Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have instructions not to berth (for fear of ship arrest). The risk of ship arrest is a real one. Hanjin Rome was arrested in the port of Singapore last week. This arrest is likely to be the first of many more…
AMS Presents 2014 Safety Awards
Nonprofit maritime trade association American Maritime Safety (AMS) held its 25th Annual Membership Meeting at The Yale Club of New York City on Thursday, October 23, honoring five member companies with Maritime Safety Awards in recognition of their dedication to promoting safe vessel navigation, preserving the marine environment and for their proactive efforts toward achieving safe maritime working practices. Bouchard Transportation Company, Inc. received the Tug and Barge Safety Award…
AKD Warns Shipowners on Dutch Ship Arrest Guarantees
Shipowners who find their vessel has been arrested in the Netherlands need to be careful when putting up security to get the ship released quickly. Recent case law shows that even if the owner has a strong case in rejecting the claim, it may still have to wait until the very final judgement before being able to reduce the security. In the worst case scenario this may take several years, if conditions for security reduction are not specifically agreed at the outset. Netherlands is of course well known as a ship arrest paradise. To prevent unnecessary costs and delays, shipowners have the option of providing security in exchange for an arrested vessel’s release. This is usually done on Rotterdam Guarantee Form 2000.
