The chains and gears of shipping

The subjects of finance, and freeing of congested logistical gears figured prominently at the just completed American Association of Port Authorities (AAPA) convention held this past week in Miami.

Noel Hacegaba, from the Port of Long Beach, was one of several participants on a discussion of “Partnering to Optimize the Supply Chain”.

“Port authorities need to be collaborating, and partner with other port authorities,” in the supply chains of the future, said Hacegaba, who added that ports need to have a focus well beyond the docks.

Epic Gas Seals Financing for Seven Newbuilds

Owner and operator of fully pressurized gas carriers Epic Gas Ltd. has closed a new USD 120 million post-delivery senior secured credit facility to finance its remaining seven owned vessels under construction.

The Singapore-based company said that the facility covers approximately 65% of the contract price of the vessels, and has been closed in partnership with book running mandated lead arranger ABN AMRO Bank N.V. Credit Agricole Corporate and Investment Bank. NIBC Bank N.V. also joined the facility as book running mandated lead arrangers.

Dubai Court of Appeal finds in favour of Hong Kong shipowner

Dubai’s efforts to cement its status as a maritime hub received a fillip recently when lawyers from international practice Holman Fenwick Willan (HFW) obtained a judgment ordering the recognition and enforcement of a London arbitration award in the UAE.

HFW, represented by its Dubai-based Middle East shipping team, led by partner Yaman Al Hawamdeh and Associate Anas Al Tarawneh, secured an initial judgement from the Dubai Court of Appeal that will be seen as a bellwether of the even-handedness of the Dubai courts system. The Court of Appeal judgement is currently itself under appeal, HFW said.