Norton Rose Fulbright News

19 Aug 2018

Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring

Photo: Danaos Corporation

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…

13 Aug 2018

North P&I Club Strengthens Greek Presence

Gagan Dhillon. Photo: North P&I Club

Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club…

24 Apr 2018

Baltic Exchange Sets Out New Code of Conduct

Photo: The Baltic Index

The Baltic Exchange said it will introduce a new code of conduct for shipowners, charterers and shipbrokers using the physical shipping and freight derivatives markets.Following a detailed review of the current arrangements led by law firm Norton Rose Fulbright with oversight by the Baltic Exchange Council and the Baltic Membership Council, the New Baltic Code has been drafted to bring together a set of principles and business practices which will be applicable to not only Baltic Exchange members, but also the wider market.

29 Jun 2017

Global Shipping Feels Fallout from Maersk Cyber Attack

Photo: A.P. Moller - Maersk

Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry. About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. The cyber attack was among the biggest-ever disruptions to hit global shipping.

28 Jun 2017

Lenders Ramp up Pressure on 'Toxic' Shipping Debt

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…

22 May 2017

Vancouver: Maritime’s New Home Address

Kaity Arsoniadis-Stein, Executive Director of the VIMC (Photo: VIMC)

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.

20 Oct 2016

Countdown to London International Shipping Week

Image courtesy London International Shipping Week 2017

The countdown to London International Shipping Week 2017 (LISW17) officially began last night with an exclusive launch reception held at the iconic Norton Rose Fulbright building on London’s South Bank. The launch reception brought together representatives from many of the maritime world’s leading organisations and figures from UK Government to learn of the aspirations, plans and exciting opportunities that LISW17 will deliver between September 11-15, next year. Addressing the 130 invited guests…

07 Jul 2016

Shipping is the Least Optimistic Segment in Transportation

Image: Norton Rose Fulbright US LLP

Shipping is the least optimistic industry within the transport sector, by a significant margin, according to the seventh The way ahead Transport survey from global law firm Norton Rose Fulbright. Only 15% believe that current market conditions are positive, down from 33% in 2015 and 69% in 2014. Overcapacity is the principal reason given for this lack of optimism (66%), followed, to a lesser extent, by economic uncertainty in key markets (27%). Respondents are more optimistic when asked to consider the outlook for shipping over the next five years.

07 Jul 2016

China and India Key Markets for Transportation

Image: Norton Rose Fulbright US LLP

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…

06 Jul 2016

Shipping Sentiment at All-time Low on Trade Slowdown, Brexit Risk

File photo: Ferdinand Harts

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.

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.

02 Jul 2014

China M&A Rulings Create Hot Competition for Antitrust Lawyers

China's increasing regulatory influence over international mergers and acquisitions has helped to create the hottest new commodity in its legal industry: anti-trust lawyers. Six years ago, China did not even have a legal system for regulating the impact of M&A on competition. Today, its Ministry of Commerce is the biggest wildcard for dealmakers trying to get a major cross-border deal past anti-trust regulators. The ministry's decision last month to reject Danish shipping group A.P. Moller-Maersk's planned alliance with Swiss and French rivals came as a "big surprise" to Maersk Chief Executive Nils Smedegaard Anderson, whose team had been in close contact with the regulator until days earlier.

16 Apr 2015

Mission ‘Row Around Singapore Island’ 2015

Only 7 days to go to the big Singapore charity row

With only 7 days to go to the big Singapore charity row, Row Around Singapore Island (RASI) the intrepid volunteer rowers from the maritime community of Singapore have been undertaking their final practice weekend at the Republic of Singapore Yacht Club. The original concept for this ground-breaking non-stop endurance challenge was conceived and organised by three friends Iain Anderson of RPC, Lewis Hart of Willis and Ian Teare of Norton Rose Fulbright. It will take around 24 hours and the rowing teams will face busy seaways…

04 May 2015

‘RASI’ Charity Rowers ‘Smashed It’ Round Singapore

Courtesy RASI

Charity endurance event ‘Row Around Singapore Island (RASI)’ beats electrical storm and finishes with time triumph, high emotion and VIP celebrations at the finish line. ‘Mission RASI’, took place last week as part of Singapore’s 50th Anniversary celebrations, was successfully completed in 23 hours and 15 minutes – within the tough target time of 24 hours. The rowers survived a violent storm at sea overnight, and half way through the daring challenge, which threatened to halt the race altogether. The tall ship Royal Albatross carried families of the rowers, supporters and the press and media.

08 Oct 2013

Shipping Finance Lawyer Joins New York Practice

Brad Berman: Photo credit:Norton Rose Fulbright

Seasoned shipping and corporate finance lawyer, Brad Berman, joins the global legal practice of Norton Rose Fulbright’s US member firm as a partner based in the New York Office. Brad Berman focuses his practice on maritime and corporate finance, offshore incorporation, including Marshall Islands and Liberian law, and private wealth planning. He has represented ship owners, operators, investors and lenders in transactional ship finance matters, including capital markets, debt and equity, and mergers and acquisitions.

06 Jul 2015

Shipping Gloomiest Since 2009

Image:  Norton Rose Fulbright

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.

12 Oct 2014

Sierra Leone to Invest Heavily in Power

Power generation

Sierra Leone is aiming to increase its power capacity tenfold by 2017, a plan the energy minister said should be driven by foreign investors despite the outbreak of Ebola and a history of bureaucratic difficulties. Sierra Leone has recorded strong economic growth rates in recent years as major mining projects came online, but the broader recovery from years of conflict during the 1990s has been slow and risks being derailed by an Ebola outbreak that has gripped the country. "We are open for business…

07 Jan 2014

New York Shipping Conference Adds Speakers

Blaine Collins

Examining areas of change and growth in shipping is the focus of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply, sourcing ship finance, and the commercial impacts of decisions regarding trade routes, chartering and futures.

28 Feb 2014

New Shipbuilding Orders Threaten Fragile Sector Recovery

File image CCL3

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.

27 Mar 2014

Denholm to Speak About BIMCO at Next SPNL Event

John Denholm

John Denholm is set to give a speech on the history of Denholm and the BIMCO story from a shipowners’ perspective at the next Shipping Professionals Network London (SPNL) meeting. The event is sponsored by Norton Rose Fulbright and will be held at their offices in south east London on April 24. Denholm joined the family business as an accountant in 1981 after qualifying as a chartered accountant. He has since held the roles of Group Accountant, Group Finance Director, and Group Managing Director and is currently Group Chairman and Chief Executive.

14 Jan 2015

NY Shipping Conference Speakers Announced

Conference organizers have announced the speaker lineup for the 21st annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “The Life of a Ship”, the conference will feature luminaries including Steinar Nerbovik of Aker Philadelphia Shipyard, Ben Ognibene of Heidmar, Craig Stevenson Jr., Joseph Hughes of Shipowners Claims Bureau, Paal Johansen of DNV GL, and Angela Chao of Foremost Group . The event will be held on Wednesday, February 11 at the Waldorf-Astoria starting at 8:15 a.m. with conference registration and continental breakfast sponsored by DNB Bank ASA. The luncheon keynote speaker will be Sturla Henriksen, CEO of the Norwegian Shipowners’ Association, organizers said.

07 Apr 2014

Deadbeat Chinese Shipyards Stick Banks with Default Bill

Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. One in three ships ordered from Chinese builders was behind schedule in 2013, according to data from Clarksons Research, a UK-based shipping intelligence firm. Although that was an improvement from 36 percent a year earlier, it was well behind rival South Korea, where shipyards routinely delivered ahead of schedule the same year. That means Chinese banks may be on the hook to pay large sums to buyers if the yards can't come through per contract, with little hope of recouping the cash from the yards.

22 Jan 2015

RASI Endurance Challenge 2015

‘Mission RASI – team

A group of 40 enthusiasts from the maritime and insurance community in Singapore have come together, to undertake a 24 hour endurance sea challenge, all in aid of the global maritime welfare charity, The Mission to Seafarers. Mission Row Around Singapore Island (RASI), will see two teams in ocean-going rowing boats attempt the 140km journey, taking on the seas and shipping lanes (not to mention two live military firing ranges) to complete a non-stop circumnavigation of the island of Singapore.

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