In a summary judgment relating to a dispute arising out of the charterers’ failure to make hire payments under bareboat charterparties, the Commercial Court provides guidance on the impact of sanctions on the parties’ obligations to make payment.

On 21 April 2022 BIMCO released SHIPSALE 22, its new standard contract for sale/purchase of vessels.

Despite the USA having what has been described as a “globally significant wind resource”, the development of the offshore wind industry in the United States has had something of a slow start, with only 5 electricity generating turbines currently in operation in US offshore waters with generating capacity of only around 30 MW.

September 2020 has seen the recent publication of the new “SHIPLEASE” indicative term sheet by the Baltic and International Maritime Council (BIMCO). SHIPLEASE has been drafted to provide the first set of standard terms and conditions for sale and leaseback transactions of second-hand vessels.

In the recent decision in Apache North Sea Ltd v INEOS FPS Ltd [2020] EWHC 2081 (Comm), the Commercial Court has provided guidance on the interpretation of consent provisions in a contract where such consent is not to be “unreasonably withheld”.

Chinese sale and leaseback deals are now a well established financing option in the shipping sector. Whilst Chinese leasing companies have traditionally opted to go down the finance lease route, they are increasingly assuming more risk and opting for either a full operating lease arrangement or a hybrid structure adopting elements of both finance and operating leases.

Superyachts

Financing

Shipping

Partner

Jonathan's main practice area lies within the commercial shipping and offshore sectors assisting Norwegian and international clients with structuring, risk assessment, negotiation and accomplishment of projects related to the construction/conversion, sale/purchase/chartering, management and operation of commercial vessels and offshore assets. 

Jonathan also advises on the provision of construction/acquisition finance and regularly acts for borrowers/banks in the traditional bank finance markets and lessors/lessees in sale and leaseback transactions. 

Prior to re-joining Wikborg Rein LLP as a partner, Jonathan was General Counsel at jack-up installation vessel owner Seajacks International Limited.

London

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Jonathan's main practice area lies within the commercial shipping and offshore sectors