Shipping Offshore Update June 2018

  • Shipping Offshore

    2018

    US withdrawal from the Iran Nuclear Deal – what now for shipping and maritime trade with Iran?

    On 8 May 2018, President Trump announced that he was withdrawing the US from the Iran Nuclear Deal, otherwise known as the Joint Comprehensive Plan of Action ("JCPOA"). The US sanctions regime is now likely to return to the state it was in before the JCPOA, with clear ramifications for shipping and maritime trade with Iran.

  • Shipping Offshore

    2018

    High chairs and high stakes: Limitation of liability clauses in Norwegian law offshore contracts

    Disputes are expensive, particularly those involving large construction projects where there may have been changes to the scope of work and cost overruns. Contractors therefore face a difficult choice when trying to close the final account, either negotiating a resolution on any terms available or funding litigation which they may not be able to afford.

  • Shipping Offshore

    2018

    Letters of indemnity for delivery of cargo without production of a bill of lading

    In the SONGA WINDS [2018] EWHC 397, The High Court, London decides that LOIs requesting delivery without production of bills of lading to an intermediate trader of the cargo are still triggered even though delivery was to the trader's buyer.

  • Shipping Offshore

    2018

    New FIDIC Yellow Book

    In December 2017, FIDIC launched the second editions of its Red, Yellow and Silver Books to reflect legal and practical developments since the first editions were issued in 1999. In this article we will look at the key changes introduced to the FIDIC Yellow Book, which is widely used in offshore projects.

  • Shipping Offshore

    2018

    "Kvitnos" – when is a commercial agreement entered into for towage assistance to a distressed vessel?

    A recent judgment from Agder Court of Appeal in Norway regarding remuneration for towage of the vessel “Kvitnos” underscores that in circumstances where commercial terms have been discussed a party wishing to claim a salvage award should expressly reserve their rights to do so.

  • Shipping Offshore

    2018

    The Inter-Club Agreement – A "NO FAULT" REGIME?

    In Transgrain Shipping (Singapore) Pte Ltd v Yangtze Navigation (Hong Kong) Ltd [2017] EWCA Civ 2107 the Court of Appeal recently provided important clarification in relation to the apportionment of liability for cargo claims as between shipowners and charterers under the Inter-Club Agreement ("the ICA").

  • Shipping Offshore

    2018

    Chinese financial leasing – an increasingly viable alternative to bank debt for a capital intensive industry

    Shipowners require vast amounts of liquidity in order to fund the CAPEX costs of acquiring new and second-hand tonnage as well as to fund their operations on a day to day basis and Chinese lease finance offers an increasingly viable alternative to the more traditional bank finance that shipowners have traditionally relied on.

  • Shipping Offshore

    2018

    ESA has closed its assessment of the Norwegian International Ship Register

    In 2014, ESA commenced an audit of the Norwegian International Ship Register. Subsequently, the EFTA Surveillance Authority (the “ESA”) opened a case against Norway for a possible breach of the EEA Agreement. The case concerned a geographical trade limitation applicable to ships flying the flag of the Norwegian International Ship Register.

  • Shipping Offshore

    2018

    Norwegian Supreme Court strikes a blow against forum shopping in direct action

    In a landmark decision (HR-2018-869-A), the Norwegian Supreme Court has set aside a decision from the Court of Appeal which had concluded that Norwegian courts have jurisdiction under the Lugano Convention in a direct action concerning a ship collision in the Singapore Strait.