In this Alert, we review the impact of the recent acceptance by the Japan Diet of the 2009 Amendment to the London Protocol. Acceptance of the Amendment provides a critical enabler for the export of CO2 from Japan for...more
The 81st meeting of the Marine Environment Protection Committee (“MEPC”) of the International Maritime Organization (“IMO”) was held from March 18 to 22. Among the issues discussed were some legal inconsistencies between the...more
As we close out 2023 and begin the first quarter of 2024, securities and derivative litigation continues to evolve. In this quarterly update, we examine trends in federal securities class action filings, which saw an uptick...more
According to the International Maritime Organization (IMO), the shipping industry currently accounts for 2.2% of global emission of greenhouse gases (GHG), with the potential, if left unregulated, to increase 50-250% by 2050....more
On October 6, 2022, the European Maritime Safety Agency (EMSA) announced the availability of a report entitled Update on Potential of Biofuels in Shipping, updating a previous study developed by EMSA on biofuels and examining...more
EEXI and CII - What Are the Implications for Vessel Owners and Lenders? Background The International Maritime Organization (“IMO”) adopted MARPOL Annex VI in 1997 to limit air pollutants commonly associated with vessel...more
The development of large autonomous merchant vessels, also known as Maritime Autonomous Surface Ships (“MASS”), has progressed at a significant pace with new vessels entering operation every year. Almost every maritime nation...more
The U.S. Coast Guard (USCG) recently announced that it plans to develop and propose regulations to implement the provisions of MARPOL Annex VI, Chapter 4, including various shipboard energy efficiency measures aimed at...more
As offshore assets age, oil and gas companies face a wave of decommissioning obligations, with expenditures estimated to exceed US$200 billion in coming decades. Decommissioning is not simply demolition. It requires plugging...more
FPSOs have revolutionized deep-water oil extraction but these technically complex vessels are a fertile ground for uncertainty, spiraling costs and long delays. Following a challenging 2020, the FPSO market is off to a...more
Under the Biden Administration, environmental sustainability as a means to combat climate change has been thrust into the spotlight as an emerging national imperative. This was made clear through President Joe Biden's...more
International seaborne transportation is a primary driver of international trade and the global economy, with approximately 80 percent of global trade by volume carried by ships at sea. The shipping sector has experienced...more
The Poseidon Principles Association, a group of major marine shipping banks, released its first Annual Disclosure Report in December 2020. This report discloses the "climate alignment score" of fifteen banks' ship finance...more
As the new Biden Administration takes the helm in January 2021, there are great expectations for the next year in terms of consistency and stability at the federal level. Generally, industry can expect the U.S. Coast Guard...more
Long-awaited amendments to the International Convention for the Prevention of Pollution from Ships (“MARPOL”) entered into force on October 1, 2020, which expressly permit the use of electronic record books for certain...more
NEW DEVELOPMENT - The U.S. Environmental Protection Agency (“EPA”) made available its long-anticipated standards for discharges incidental to the normal operation of vessels pursuant to the Vessel Incidental Discharge Act...more
NEW DEVELOPMENT - Long-awaited amendments to the International Convention for the Prevention of Pollution from Ships (“MARPOL”) entered into force on October 1, 2020, which expressly permit the use of electronic record...more
In June 2018, the International Maritime Organization (“IMO”) announced the adoption of an initial strategy to reduce total greenhouse gas (“GHG”) emissions attributable to the international shipping sector by at least 50% by...more
As the maritime industry continues to adjust to the implementation of the International Maritime Organization's (IMO) 2020 global low-sulfur fuel regulations, key parts of the China Ministry of Transportation's (MOT) "2020...more
Report on Supply Chain Compliance 3, no. 3 (February 6, 2020) - Merchant shipping owners released a USD 54 billion proposal for a research and development program to eliminate CO2 emissions. The program is an attempt to...more
• The seventh session of the International Maritime Organization's (IMO) Sub-Committee on Pollution Prevention and Response (PPR7) will be held in London on Feb. 18-22, 2020, with a number of the agenda items likely to impact...more
A steady stream of recent developments has flowed as the maritime industry grapples with implementing the International Maritime Organization's (IMO) 2020 global low-sulfur fuel rules. Recent announcements by the Suez Canal...more
Report on Supply Chain Compliance 3, no. 1 (January 9, 2020) - European Commission President Ursula von der Leyen unveiled the new Green Deal on Dec. 11, including a formal intention to include maritime shipping in the...more
Report on Supply Chain Compliance 2, no. 22 (November 21, 2019) - Despite Russian support for the Arctic Passage as an alternative route for shipping, few countries have signed on yet. Sovcomflot did order its first vessel...more