V Friendly Seas News

Following the hubbub created in 2009-2010 by U.S. Customs and Border Protection’s (CBP) proposed modification and revocation of certain Jones Act ruling letters pertaining to offshore operations, all was relatively quiet in 2011-2012 with respect to Jones Act offshore issues. Indeed, in the aftermath of the tragic Deepwater Horizon incident in 2010, which included the implementation of more prescriptive regulatory and environmental requirements and a deepwater drilling moratorium…

Paragon Shipping Inc. announced that Deiulemar Compagnia di Navigazione SpA, the charterer of the M/V Friendly Seas (the "Vessel"), a 2008-built 58,779 dwt Supramax bulkcarrier (the "Charterer"), has continued to fail to provide payment due since January 5 and has failed to provide the Vessel with voyage instructions. Accordingly, Paragon Shipping has provided written notice to the Charterer of the termination of the charter, but has received no response. Paragon Shipping is currently seeking alternative employment for the Vessel and will seek damages for the Charterer's breach. There can be no assurance that Paragon Shipping will be…