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Watson News

25 Mar 2024

Maritime Partners Hires Two In Executive Leadership Roles

(Photo: Maritime Partners)

Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.Bordes brings to the company more than 20 years of experience in the fields of finance and fund management. Prior to joining Maritime Partners, he served as the CFO for New York-based American Industrial Partners


26 Dec 2023

Maritime Innovation: Fostering Creativity and Working to Make Bright Ideas Work

© Yellow Boat / Adobe Stock

This is the dawning of the age of AI and Big Data, huge agglomerations of new and transformative energy; almost self-generating, always strengthening and pulling at the reins, seeking to break free and run, a prospect both exciting and terrifying. That image can imply a human is holding the reins. How quaint: these days, AI itself may be holding the reins.In a review of innovation in 2023 – across any industrial or economic sector, not just maritime – AI looms large, a game-changer equivalent to IBM’s programming advances in the 1940s.

18 Dec 2023

The Man Behind the 'Jones Act'

Senator Wesley Livsey Jones (Credit: Library of Congress, Prints and Photographs Division, photograph by Harris and Ewing, [LC-DIG-hec-15427])

Senator Wesley Livsey Jones gave his name to the famous “Jones Act” governing U.S. domestic maritime trade. But what do really know about him? It turns out that he was much more than a leading merchant marine policy maker. (i)Jones had a long career in the U.S. House of Representatives before he was a Senator, was an effective legislator, an astute politician, one of the hardest working legislators of his era, and always viewed as honest and forthright. His many maritime legislative successes included the Merchant Marine Act


13 Sep 2023

New Company Will Combine Crowley and SEACOR Jones Act Tank Vessel Fleets

(Photo: Crowley)

U.S. maritime companies Crowley and SEACOR Holdings' Seabulk Tankers have created a new joint venture that combines their liquid energy and chemical transportation vessels, operations and related services into a new, independent U.S. Jones Act service provider.The new company, Fairwater Holdings, will serve the U.S. domestic market with vessels and marine transportation solutions across the petroleum and chemical trades, as well as related third-party ship management services. It will include 20 oceangoing, articulated tug-barges (ATB) and 11 tankers, many under long-term charter.

25 Aug 2023

Port of Savannah Takes Delivery of More Ship-to-Shore Cranes

Source: Georgia Ports

The US Port of Savannah has taken delivery of four Super Post-Panamax ship-to-shore cranes, upgrading the crane fleet to 34 machines at Garden City Terminal after four older cranes are retired and recycled.Along with the completion of our project to improve Berth 1, these cranes will help deliver faster turn times to our ocean carrier customers, including the largest vessels calling on the U.S. East Coast, said Griff Lynch, Georgia Ports Authority president and CEO. “No other terminal in the nation can bring more cranes to bear


16 Jan 2023

Iranian Oil Exports End 2022 at a High, Despite No Nuclear Deal

© leodeep / Adobe Stock

Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.Exports have risen during the term of his successor President Joe Biden, who had sought to revive the nuclear deal, and hit the highest since 2019 on some estimates.

19 Dec 2022

Shipbuilding: Can I Have A Refund?

© Dmitry / Adobe Stock

In Havila Kystruten AS v Abarca Compania de Seguros AS,¹ in which Watson Farley & Williams LLP represented the successful Norwegian shipowner, an English court has provided helpful and very detailed guidance on a number of issues relating to the parties’ rights to terminate shipbuilding contracts as well as the nature and scope of refund guarantees.BackgroundRefund guarantees are the lifeblood of shipbuilding, providing invaluable security to owners/buyers who must usually cash fund a significant proportion of the price of newbuildings during the construction phase (usually at least 40%)


20 Sep 2022

Cal Maritime Names Golden Bear's First Female Captain

California State University Maritime Academy has appointed Samaro Bannister-Schneider to serve as interim captain of Training Ship Golden Bear (TSGB). Image courtesy Cal Maritime

California State University Maritime Academy appointed Samaro Bannister-Schneider as interim captain of Training Ship Golden Bear (TSGB). Captain Bannister will serve as Cal Maritime’s first female TSGB captain. She is a 2000 graduate of Cal Maritime’s Marine Transportation (MT) program, and began her career on a fleet of Small Waterplane Area Twin Hull (SWATH) research vessels conducting survey operations. Soon after, she moved up to a larger fleet of vessels, the Watson Class LMSR RO-RO’s where she found her home.

26 Aug 2022

Record $1.6 Billion Meth Seizure Made at Port Botany

Marble which has been deconstructed to show the illicit substance. (Photo: Australian Border Force)

Australian authorities are reporting a record seizure of methylamphetamine after another metric ton of the illicit drug was discovered at Sydney's Port Botany.The development comes after detectives attached to the State Crime Command's Drug and Firearms Squad earlier this year commenced Strike Force Chellington to investigate the importation of illicit drugs into New South Wales.Acting on intelligence, Australian Border Force (ABF) officers examined a number of sea cargo containers, which had arrived into Port Botany last month.

07 Jul 2022

USACE Awards Mississippi River Harbor Dredging Contract

Representatives of Great Lakes Dredge and Dock Company, International Port of Memphis and USACE. (Photo: Jessica Haas / USACE)

Houston-based dredging contractor Great Lakes Dredge and Dock has been awarded a contract from the U.S. Army Corps of Engineers' Memphis District for the rental of a 24-inch hydraulic cutterhead dredge, discharge pipe, and attendant plant for harbor dredging along the Mississippi River.The $7,335,450 contract was awarded June 2, 2022, with an anticipated completion date of February 28, 2023.A total of nine harbors were awarded, with actual dredging scheduled to take place from July 1, 2022, through December 2022.

05 Jul 2022

Maritime Communications: Easier, Faster, Cheaper

(Photo: David Clark Company)

In November 2021, GTMaritime published a white paper: “Maritime Communications - A look over the horizon.” The report, available here, is built around three broad Sections – 1. “Basics of marine Communications;” 2. “The connected ship;” and 3. “Special services.”Then, each Section presents a closer look at various topics. The “Basics” section, for example, covers regulatory issues established by IMO treaties and national agencies. It presents the terms and concepts that define satellite systems and networks


27 Jun 2022

Melting Arctic Ice Could Transform International Shipping Routes -Study

© Nightman1965 / Adobe Stock

Melting ice in the Arctic Ocean could yield new trade routes in international waters, reducing the shipping industry’s carbon footprint and weakening Russia’s control over trade routes through the Arctic, a study found.With climate change rapidly warming the world’s oceans, the future of the Arctic Ocean looks grim. Climate models show that parts of the Arctic that were once covered in ice year-round are warming so quickly that they will be reliably ice-free for months on end in as few as two decades.

06 Jun 2022

The ZouZou: MII to the Rescue?

© Andrea Izzotti / Adobe Stock

A ship financier’s primary security is the mortgaged ship. If the ship becomes a total loss, the mortgage will provide no valuable security, leaving the financier to rely on its rights as assignee and loss payee (and occasionally as co-assured) under the shipowner’s marine insurance policies. However, the owner’s insurers may decline a claim, for example on grounds of breach of warranty or material non-disclosure, or because the loss is not covered by the policy, such as where the owner scuttles the mortgaged ship.

01 Jun 2022

Marine Insurance: CyNav for Ports & Terminals

Copyright metamorworks/AdobeStock

WTW has launched CyNav for Ports and Terminals, a cyber solution specifically designed to help address the escalating cyber risks faced by owners and operators in this strategically vital sector of the global maritime supply chain. The release of CyNav for Ports and Terminals is a direct response to growing calls from operators for a bespoke product that addresses the specific risks faced by their high-value asset class and closes the gaps found in the standard cyber policies of today’s insurance market.Due to the outsized role its practitioners play in supporting the global economy


21 Jan 2022

A Greener and More Ambitious EU Maritime ETS Emerges

© Fokussiert / Adobe Stock

On January 14, 2022 the European Parliament’s Rapporteur, MEP Peter Liese, published his draft report on a proposal to revise the Emissions Trading System (ETS) Directive¹ which forms part of the ‘Fit for 55’ package of climate and energy reforms published on July 14, 2021. The draft report includes a number of ambitious amendments to emissions trading for the maritime sector – the Maritime ETS – which, if agreed, will put more pressure on the maritime industry to switch to cleaner fuels sooner than originally planned.

17 Jan 2022

Macheras Named WFW Global Maritime Sector Co-Head

George Macheras (Photo: WFW)

Law firm Watson Farley & Williams (WFW) announce it has named partner George Macheras as its new global maritime sector co-head, replacing Lindsey Keeble as she takes up the role of WFW managing partner as of February 1. Paleokrassas, who takes on the role of WFW senior partner on the same date, will remain in his role as global maritime sector co-head.Macheras, who made partner in 2018, advises on all aspects of ship financing as well as on commercial matters relating to the sale, purchase, employment and operation of all maritime asset classes.

20 Dec 2021

WFW Announces New Athens Office Head

Alexia Hatzimichalis (Photo: Watson Farley & Williams)

Watson Farley & Williams (WFW) announced that, following the election of George Paleokrassas as the firm’s senior partner, partner Alexia Hatzimichalis will be taking over as Athens office head.Hatzimichalis, who joined the firm in 2001 and made partner in 2014, also heads the assets and structured finance team in Athens. Qualified in England and Wales, originally as a barrister and then as a solicitor, Hatzimichalis advises on a wide range of ship finance matters for clients including Greek and international banks, other financial institutions and ship-owning groups and U.S.-listed companies.

15 Dec 2021

Marine Insurers Adopt Poseidon Principles to Decarbonize Shipping

Credit: GreenOak/AdobeStock

The Poseidon Principles for Marine Insurance initiative has been launched to provide transparency on carbon emissions and support the shipping industry’s green transition. Marine insurers that launched the initiative on Wednesday, said that the Poseidon Principles for Marine Insurance "are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios. ""This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA)


06 Dec 2021

Insurance Insights: WTW Launches Forum to Mitigate Growing Port, Terminal Risk

Copyright Freshidea/AdobeStock

Ports and terminal operators are entering a new era where the operational threats they face – both old and new – will make a return to ‘business as usual’ increasingly unlikely, even once the pandemic finally subsides.Transition to new technologies and digitally enabled systems, addressing the impact of climate change, defending against cyberattacks and shifting geopolitics will couple with traditional supply chain and operational risks to change the face of the sector.According to Global Port Trends 2030


02 Sep 2021

U.S. Offshore Oil Firms Eye New Bases after Storm Damages Key Hub in Louisiana

Platforms in the Gulf of Mexico - Credit:  Mosto/AdobeStock

Offshore energy companies have started searching for new bases away from Louisiana's devastated ports as oil and gas companies launch efforts to resume their Gulf of Mexico operations.Port Fourchon, a key hub for the offshore industry, was slammed by Ida on Sunday when it made landfall with winds over 150 miles per hour (240 kph). Supply boat, fuel and air ferry services were still unable to access facilities there on Wednesday due to extensive storm damage.Dozens of oil and gas companies operate in the U.S.

20 Jul 2021

Offshore Wind & Shipping – Importance of Interplay Between Shipbuilding Contracts and Charters

Credit: benoitgrasser/AdobeStock

While 2020 proved to be a challenging year for offshore oil and gas markets, the same cannot be said about offshore renewables, which saw substantial growth."It is expected that a number of offshore support vessels (“OSVs”) and crew boats will be redeployed from the offshore oil and gas sector to service the offshore wind industry and that existing offshore wind installation vessels will be upgraded as turbines continue to scale up."Offshore renewable projects achieved an estimated record project sanctioning of US$56bn


27 Apr 2021

US Coast Guard Ends Search for Missing Seacor Power Crew Members

A U.S. Coast Guard Response Boat-Medium boat crew heads toward the capsized lift boat Seacor Power about 8 miles off Port Fourchon, La. on April 13, 2021. (U.S. Coast Guard photo courtesy of Coast Guard Cutter Glenn Harris)

The U.S. Coast Guard said on Monday it will call off its search at sunset for the remaining eight crew members missing from the lift boat Seacor Power, which capsized in the Gulf of Mexico last week.The Coast Guard said its vessel and air crews worked with local agencies and good Samaritans to scour more than 9,200 square nautical miles of sea over the course of 175 cumulative hours after the 234-foot Seacor Power overturned in rough seas and hurricane force winds approximately 8 miles south of Port Fourchon, La., last Tuesday.

27 Apr 2021

Two More Deceased Crew Members Recovered from Seacor Power

The crew of the Coast Guard Cutter Glenn Harris pulls a person from the water April 13, 2021 after a 175-foot commercial lift boat Seacro Power capsized 8 miles south of Port Fourchon, La. (U.S. Coast Guard photo courtesy of Coast Guard Cutter Glenn Harris)

Divers recovered two unresponsive crewmembers from the overturned lift boat Seacor Power on Friday, bringing the death count to four with nine still missing after the vessel capsized in extreme weather conditions in the Gulf of Mexico on Tuesday.U.S. Coast Guard and other local responders have been scouring the area by sea and air since the 234-foot Seacor Power overturned in rough seas and hurricane force winds approximately 8 miles south of Port Fourchon, La. Six crew members were rescued, four have been pronounced dead and nine are still missing.