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"So Long Synthetic LIBOR"

Earlier this year, the Financial Conduct Authority (FCA) exercised its powers pursuant to Article 21(3) of the Benchmarks Regulation to compel ICE Benchmark Administration (IBA) to continue publishing 1-month, 3-month and...more

ISDA Releases Marshall Islands Netting Opinion

On December 15, 2023, the International Swaps and Derivatives Association, Inc. (“ISDA”) published its legal opinion (the “ISDA RMI Opinion”) as to the enforceability under the law of the Republic of the Marshall Islands of...more

Blades are Spinning at America’s First Large-Scale Offshore Wind Farm

The nation’s first large-scale offshore wind farm started spinning its blades on January 2nd. The wind project, known as Vineyard Wind 1, began operations near Martha’s Vineyard 15 miles off the coast of Massachusetts,...more

Amendments to the Marshall Islands Maritime Law and Regulations: Pre-Signing Mortgage Instruments

Background - The Republic of the Marshall Islands recently amended its maritime law and related regulations. Specifically, Section 302 of the Maritime Act of the Marshall Islands (the “Maritime Act”) has been revised to...more

“Pursuant to Agreement” Mortgage under the Marshall Islands Maritime Act

Background - Section 309(2) of the Maritime Act of the Marshall Islands has been amended recently to provide important clarifications on what indebtedness may be secured by a so-called “pursuant to agreement” mortgage as...more

The Corporate Transparency Act

Background - The Corporate Transparency Act (CTA) was enacted by the United States Congress, and signed into law by President Joseph Biden, in 2021 as part of the Anti-Money Laundering Act of 2020. The purpose of the CTA...more

Ocean Shipping Reform Act

Background - The Ocean Shipping Reform Act (OSRA), which amends the Shipping Act, was signed into law by U.S. President Joseph Biden in 2022 to alleviate certain measures taken by shipping companies in the midst of supply...more

Offshore Wind Public Funding

Background Offshore wind is the renewable energy industry’s newest darling. Federal and state funding opportunities have abounded in the wake of increasingly available and reliable technologies to implement the green energy...more

Knock-for-Knock Indemnities

A knock-for-knock indemnity clause is a contractual risk allocation mechanism commonly utilized in the oil and gas industry. Charterparties and other maritime contracts concerning vessels also sometimes include this concept....more

Facility Fees and Accrual

Lenders not only earn interest on the amounts lent, which needs to be sufficient not only to cover the lender’s cost of capital but also provide a sufficient return, but they also typically receive, depending on their role,...more

Economic Sanctions and the Russian Oil Price Cap Policy

Background - As the Russia-Ukraine war approaches its one-year anniversary with no end in sight, U.S., EU and UK authorities, among other nations, continue to exert calculated but sustained pressure on the Russian...more

Clarksons Predicts $26B Boom in Offshore Vessels

The respected London-based Clarksons predicts a $26 billion investment in new vessels to serve the offshore wind industry within the decade. Installation vessels and support vessels both will make up a large portion of...more

1/24/2023  /  Maritime Transport , Shipping , Vessels

Shipowners Take Note: EXII and CII Decarbonization Regulations Are Now Effective

The much anticipated and debated EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator) regulations have gone effective as of January 1, 2023. All ships of 5,000 gross tonnage and above will be...more

1/11/2023  /  New Regulations , Shipping

Promissory Notes

A promissory note, in its simplest form, is an instrument by which a Borrower (the Maker) acknowledges its obligation to repay the Lender (the Payee). Historically, Lenders required Borrowers to enter into both a credit...more

U.S. Private Placements: Secured Notes for Vessel Owners

Background - In recent years, one of the emerging financing methods for public and private vessel owners has been private placements of debt securities, wherein a company usually owning multiple vessels will sell...more

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