Welcome to the November edition of Legalseas.
The past year has presented further obstacles for the shipping industry, from the Baltic Dry Index plunging to its lowest level in more than thirty years, to the collapse of Hanjin, the world’s seventh largest container shipping group, to reports that the European Central Bank has commenced an in-depth review of major banks’ shipping loans and related loss provisions.
This edition picks up on some of the challenges faced by shipping and looks at how the industry is adapting to meet these challenges, from identifying new sources of finance to increased regulatory scrutiny in relation to cyber-crime and anti-trust and competition law.
Can public price announcements be an invitation to collude? The EU’s liner shipping investigation
London partner Ian Giles and associate Shaha El-Sheemy explain the European Commission’s recent decision to close its investigation of public pricing announcements in the container liner sector.
Seaworthiness redefined in the new age? Interim Guidelines on Maritime Cyber Risk Management
South Africa senior associate Peter Lamb and London associate Stefi Papantoniou summarise the cyber risk management obligations imposed on shipowners and operators under the International Maritime Organisation’s interim guidelines, and highlight the potential consequences of failing to exercise effective cyber security.
Weathering the offshore oil and gas downturn in South East Asia
Singapore partner Stephen Woods considers the effect of Swiber Holdings’ recent surprise failure on the beleaguered offshore sector in South East Asia and examines the various strategies that offshore companies are employing to beat current market conditions.
Trends in capital market financing for the shipping industry
Hong Kong partner David Johnson and associate Grace Lo focus on recent developments in capital markets funding as alternative financing structures for shipping continue to evolve.
New measures on global tax avoidance
London partner Matthew Hodkin and associate Alexandra Wood discuss new guidelines and directives issued by the Organisation for Economic Co-operation and Development and explore how the new measures will affect international players in the shipping industry.
The fallout from Res Cogitans and expected changes to bunker supply contracts
London of counsel Scott McCabe and associate Nicholas Papadopoulos revisit the O.W. Bunker Group saga and the effects this is likely to have on the bunker supply industry in the future.