Overview

The recent shipping bulletin from Holman Fenwick and Willan focuses on the following:

The situation in Libya has resulted in the imposition of sanctions by the UN, US, and EU and these are considered in the first article. The situation is highly dynamic and those who infringe the prohibitions risk severe penalties. Given the wide remit of the sanctions any companies trading to Libya or with Libyan individuals, companies or entities clearly need to exercise considerable caution and would be well advised to ensure that they are fully informed.

The second article considers the impact on charterparties and contracts of insurance, of Colonel Gaddafi’s threats to attack commercial vessels in the Mediterranean.

And finally, Holman Fenwick and Willan considers another highly topical subject - piracy - and the relationship between an owners’ financing documents and insurance agreements. Inconsistencies as to the time when hijacked vessels become a “total loss” may require owners to repay loans before they can claim under their insurance, and owners are cautioned to check that such inconsistencies are avoided when negotiating with their banks.

To read more click ‘view briefing’.