War Risk underwriters have succeeded in rejecting a $77m claim on the basis that the constructive total loss of the Brillante Virtuoso was caused by the wilful misconduct of the Owner. On October 7, 2019, Mr Justice Teare handed down a 140 page judgmen…
Defeat for shipping’s “most spectacular fraud” Read More »
The U.S. Office of Foreign Assets Control (OFAC) on Sept. 25, 2019, designated COSCO Shipping Tanker (Dalian) Co. Ltd. (COSCO Dalian), Kunlun Shipping Company Ltd., and certain other entities and individuals as Specially Designated Nationals (SDNs) und…
Navigating the Recent U.S. Sanctions on COSCO (Dalian) and Other Chinese Companies Read More »
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a maximum limit of 3.5% to a maximum limit of 0.5% (the limit in emission control areas remains at 0.1%). Regu…
Scrubbers and fuel profit share clauses Read More »
The law on the international shipment of waste is of increasing importance to many global businesses. The Reed Smith Environmental, Health & Safety team regularly handles cases on this subject involving sectors such as oil and gas, mining, consumer…
DryShips Inc. (the “Company”) (NASDAQ: DRYS) announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with SPII Holdings Inc. (“SPII”), a company controlled by the Company’s Chairman and Chief Executive Officer, Georg…