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Ince Co News

31 Oct 2018

Gordon Dadds Acquires Maritime Law Firm Ince & Co

Gordon Dadds Group plc said it agreed to buy one best known names in maritime law Ince & Co International.The merged firms will become a new global legal business and the largest listed law firm in the UK by revenue.Ince is a network of affiliated international commercial law firms, serving its global client base from offices across Asia, Europe and the Middle East. For the year to April-end it generated revenue of GBP52.5 million."The parties are now engaged in the detailed contract negotiations and are aiming for completion by 31 December 2018," said a press release from the UK firm. This move will see Gordon Dadds’ international presence grow to nine countries…

02 Feb 2018

Ince & Co Advises EDF on NYK LNG Carrier

EDF LNG Shipping, a subsidiary of EDF group, signed a long term charter contract with the Japanese shipowner NYK on January 26th 2018. The vessel, with a capacity of 174,000 cbm, will be built by the shipyard Hyundai Heavy Industries with delivery expected by spring 2020. Ince & Co supported EDF LNG Shipping in the negotiation and drafting of the time charter contract providing for an initial charter period of seven years which can be further extended to twenty years. This major operation has been made possible through the set-up of a dedicated team composed of legal experts from EDF group and lawyers from Ince & Co, dually qualified in England and France. The close cooperation of this team made the operation a success.

21 Jun 2017

BIMCO Updates SUPPLYTIME for Offshore Charters

Now in its fourth edition, BIMCO’s best-selling contract has been updated to reflect contemporary shipping practice and legal developments in the offshore sector. It has a purer knock for knock liability regime and is more neutrally balanced than its predecessor. The first edition of SUPPLYTIME appeared in 1975. It was developed to meet the demand for specialist support vessels to serve a rapidly growing offshore oil and gas exploration and production industry. Since then, SUPPLYTIME has become the benchmark for offshore support vessel agreements – and the industry’s contract of choice. Ian Perrot, who led the SUPPLYTIME revision project team said: "Over the past ten years or so we have seen a hardening of the terms and conditions in charterers’ own contracts.

12 Jun 2017

Shipping Routes via Oman Opened to Give Qatar Food Lifeline

Qatar and container lines have launched new shipping services via Oman in an effort to sidestep a port ban in neighbouring countries and secure a food lifeline after other Gulf states severed ties with Doha last week. Saudi Arabia, the United Arab Emirates and some other Arab countries cut diplomatic, travel and trade ties with Qatar last week, accusing it of supporting Iran and funding Islamist groups, accusations Doha denies. The severing of air, sea and land transport links has closed crucial import routes for Qatar and its population of around 2.7 million people who are dependent on imports for most of their food needs. China's COSCO Shipping Lines Co Ltd, Taiwan's Evergreen and Hong Kong Kong's OOCL have suspended container services to and from Qatar.

20 Sep 2016

$70 Million Loan Facility for Navios

Navios Maritime Acquisition Corporation, announced today that it has agreed to provide a $70 million secured loan facility maturing in November 2018 to Navios Maritime Holdings Inc. The Loan Facility bears interest of 8.75%, compounded semi-annually and is secured by (1) all of Navios Holdings’ interest in Navios Acquisition, composed of 65,301,220 shares of common stock and 1,000 preferred shares (convertible into 7,676,000 shares of common stock) and (2) 78.5% of Navios Holdings’ interest in Navios South American Logistics, Inc. (Navios Logistics) composed of 10,021 shares representing a majority of the shares outstanding of Navios Logistics. Interest will accrue and be payable upon the maturity of the loan. A 1% fee was payable on the closing.

09 Sep 2016

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…

09 Aug 2016

Ince to Advise Danaos on HMM Restructuring

Ince & Co’s London and Piraeus corporate, finance and shipping teams have advised long-standing client Danaos Corporation on Korean container line Hyundai Merchant Marine Co. (HMM), Ltd.’s US$2.1 billion restructuring. New York Stock Exchange listed Danaos Corporation is a leading international owner of container ships, chartering vessels to many of the world's largest liner companies. The restructuring completed on 23rd July 2016 when HMM issued 151,292,727 new shares to creditors as part of a debt for equity swap. With 13 vessels on long-term charter to HMM, Danaos is the largest single shipowner in HMM’s fleet. Along with other container shipowners…

22 Jul 2016

Singapore Well-positioned to Benefit from Brexit Permutations

Singapore’s position as Asia’s leading maritime services hub is likely to be enhanced in a post-Brexit environment, according to Singapore-based Ince Law Alliance, comprising Ince & Co Singapore LLP and Incisive Law LLC. The UK’s decision to leave the European Union has seen Sterling fall to $1.30 against the US dollar, with many commentators predicting a recession that could negatively impact the country’s maritime sector, which contributes £4.4 billion to the UK economy. Like Singapore, the UK’s economy is services–focused, with London the centre of UK and European maritime services. However, according to Bill Ricquier, Managing Director at Incisive Law…

27 Jun 2016

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

File photo: OW Bunker

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision on the issue from the most senior court in the country, the UAE Federal Supreme Court has decided that physical suppliers of bunkers have no right of recourse against Owners/Charterers where there is a contractual sale and purchase chain. The Supreme Court has concluded that there are two separate contracts. One contract…

24 Jun 2016

BIMCO Launches New Standard Agreements for Novation of Shipping Contracts

BIMCO has published three standard novation agreements that provide a legal framework to change one of the original parties to a contract. Two of the agreements cover time charter parties; one provides for a change of charterer and the other a change of owner. The third agreement deals with a change of buyer under a shipbuilding contract. Corporate changes such as restructuring, sale of a company or sale of part of a company’s interests may make it necessary to replace an original contracting party. This is achieved by substituting, or “novating” the contract. Until now there has been no standard form of contract for this purpose and parties have had to draft their own provisions.

14 Jun 2016

Three Senior Appointments at Wikborg Rein, London

International law firm Wikborg Rein has further strengthened its leading presence in the shipping and offshore and onshore construction sectors with the appointment of three key senior hires to its London offices. Nick Shepherd has joined as a partner from Ince & Co, where he was most recently the head of that firm’s office in Piraeus, Greece. Nick has a market-leading reputation as an 'owner's lawyer' for the Greek shipping market, where he is the first-choice lawyer for a number of the largest shipping groups, including TMS / Dryships / Ocean Rig (Mr George Economou); the Navios Group (MAngeliki Frangou); Alpha Bulkers / Pantheon Tankers (Mrs Anna Angelicoussi); and Marmaras Navigation / Delta Tankers (Mr Diamantis Diamantides).

05 Apr 2016

UK Shipping Sector Risks Sinking Fortunes if Brexit Prevails

Photo: Port of London Authority

If Britain votes to leave the European Union, the country's shipping sector faces years of disruption as trade agreements get reworked and currency volatility leads to higher costs at a time when the industry is battling its worst global downturn. Shipping contributes some 10 billion pounds ($14.2 billion) annually to the UK economy and directly employs 240,000 people in multiple areas including maritime services such as ports, transportation, as well as ship broking and marine insurance.

01 Feb 2016

Shipping Lawyer, Lovell Joins Reed Smith

Global law firm Reed Smith has announced the arrival of market-leading admiralty and casualty response lawyer, Richard Lovell, as a partner in the firm’s Singapore office. Richard joins Reed Smith from Ince & Co, where he was head of shipping and managing partner of the firm’s Singapore office. Richard has almost 30 years’ experience as an admiralty and marine insurance practitioner in Asia. He joins Reed Smith to head a highly experienced Singapore team of casualty lawyers (including two senior ex-mariners) handling a wide range of marine casualties and offshore oil and gas matters. The team advises ship owners, clubs, underwriters, charterers, offshore oil and gas producers and commodities traders.

12 Jan 2016

Ince & Co Advises Fugro on Vessels Sale

International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of lending banks led by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Dutch stock exchange listed offshore operator Fugro is the world’s largest integrator of geotechnical, survey, subsea and geosciences services. Fugro is playing a key role in the search for the missing Malaysia Airlines flight MH370 in the Southern Indian Ocean. They are a longstanding client of Ince & Co’s energy department.

28 May 2015

Norwegian Hull Club CEO Stepping Down

John Wiik (Photo: Norwegian Hull Club)

The Norwegian Hull Club announced that John Wiik will step down as CEO on January 1, 2016. Filling Wiik's role will be Faz Peermohamed, the club announced. Peermohamed, a senior partner at London's Ince & Co., is a career shipping man: he is an ex Ship's Master and a maritime lawyer. He currently holds the position of Global Head of Shipping at Ince, where he has worked for some 22 years. Wiik joined the Club in 1979, when the company was still known as Bergens Skibsassuranseforening. Wiik became CEO of the company in 1984. The club's Chairman, Hans Olav Lindal, said, "Mr.

14 Feb 2014

Maritime Lawyer Elvey Returns to London After Lengthy Posting

Jonathan Elvey: Photo courtesy of Ince & Co.

Ince & Co. partner Jonathan Elvey, who was head of the law firm's Piraeus office, has returned to the London office after spending 17 years advising clients at the heart of the Greek shipping market as head of the Piraeus office. Partner Nick Shepherd, who spent five years in Greece in the 1990s and returned to Piraeus in 2010, takes on the role of head of the office. Ince inform that In 2013 their Piraeus office celebrated its 20th anniversary, having grown in size over time to 35 people.

12 Feb 2014

Law Firm Ince & Co Advise on Huge Jack-Up Rig Deal

Martin Brown: Photo courtesy of Ince & Co

International law firm Ince & Co (Singapore) LLP represented Oro Negro in its international bond issuance, an offering of US$725-Million Notes due 2019. Partner Martin Brown described the issue as very good news for both the global high yield market and the oil services sector including the jack-up rig market operating in the Mexican Gulf of Mexico. Ince & Co explain that the purpose of the issuance is to refinance the acquisition of three already delivered new jack-up rigs, to finance the acquisition of a fourth new jack-up rig, and for general corporate purposes.

07 Aug 2013

Ince Advises on Jordan FSRU

International law firm Ince & Co. LLP advised Golar LNG Ltd. on the successful completion of a Floating Storage and Regasification Unit (FSRU) time charter with the Ministry of Energy and Mineral Resources of Jordan. Ince advised Golar on all aspects of the charter and related documentation, from the initial expression of interest, throughout the tender stage, to final completion of the deal on July 31. The FSRU Golar Eskimo will be moored at a purpose built structure that is to be constructed by the Aqaba Development Corporation off the Red Sea port of Aqaba. Capable of storing 160,000 cubic meters of LNG and delivering up to 500 MMSCFD with a peaking capacity of 750 MMSCFD…

21 May 2013

Maritime London Delegation to Head for Athens

Greek/British Flags: Image courtesy of Maritime London

Maritime London will be leading a delegation of British maritime professionals to Athens, Greece, next month. The high level group will present to an audience of shipowners at the British Ambassador’s Residence on 17 June, 2013. The delegation will be accompanied by UK Shipping Minister, Stephen Hammond, and Sir Alan Massey, Chief Executive of the UK Ship Register. Maritime London chief executive Doug Barrow said: “The Greek British maritime relationship has always been strong and I’m delighted that we have government recognition of the importance that Greek shipowners play in the UK economy.

25 Apr 2013

Ince Promotes Three New Partners

Sami Chowdhury

International law firm Ince & Co. announced the imminent promotion of three lawyers to the partnership. Rania Tadros – Rania has experience in commercial arbitration and litigation within the shipping and energy and offshore markets. She has had experience handling a range of matters for clients in the offshore support and oilfield services sector. Rania has also advised on a number of shipping disputes concerning the Middle East and has a particular focus on construction disputes and claims relating to refund guarantees. Rania will relocate from London to Dubai this summer.

09 Nov 2012

Partner Jamila Khan moves to Ince & Co’s Piraeus Office

Jamila Khan

Ince & Co partner Jamila Khan has moved to the firm’s Piraeus office. Jamila has a broad practice covering all aspects of shipping and international trade and commodities disputes and commercial transactions. She has close links with the Greek shipping industry having spent a year in Piraeus from 2003 to 2004. She is a key member of the firm's Italy and Turkey teams. Jamila acts for ship owners, operators and charterers on a variety of dry shipping matters including charterparty disputes. She handles LMAA, LCIA and ad hoc arbitrations and Commercial Court disputes.

14 Sep 2012

Middle East Maritime Professionals Flock to North's P&I Course

A wide variety of shipowners, operators and other senior maritime professionals from throughout the Middle East region have attended North P&I club’s residential course in P&I insurance and loss prevention held in Dubai this week. A total of 46 delegates from 21 organisations signed up for the ‘A’ rated, 170 million GT club’s four-day course at the Dubai Marine Beach and Resort Spa, which concluded yesterday (13 September 2012). They included representatives of many of North’s Middle East members - including Adnatco, Bakri Navigation, E Ships, Mideast Ship Management, MUR Shipping, Oman Shipping, Stellar Ocean Transport, United Arab Chemical Carriers and United Arab Shipping Company.

29 Jun 2012

Crisis Communications Network for Shipping

Navigate Response launched at London’s Baltic Exchange. The company’s round-the-clock services are tailored specifically for the global shipping industry and focus on managing clients’ messages across a range of communications channels including mainstream and social media. The new company is chaired by internationally renowned maritime expert, Richard Sayer, and led by Mark Clark, former head of public relations and media at the UK Maritime and Coastguard Agency. The team includes leading maritime PR experts Mike Elsom and Bill Lines of sister company Navigate PR Ltd. Founded in 2004, Navigate PR provides comprehensive public relations services to a wealth of maritime businesses across a range of disciplines.