This month’s roundup focuses on what constitutes a “necessary” under the Commercial Instruments and Maritime Liens Act (“CIMLA”), which provides a statutory lien to those who provide necessaries to a vessel on the order of...more
• The high-profile collapse of the O.W. Bunker Group has caused havoc in the maritime industry and illustrated the need for owners to take every step possible to avoid allowing any lien for bunkers attached to its vessel. ...more
So, what is LIBOR? LIBOR—the London Interbank Offered Rate—is one of the most ubiquitous benchmarks for determining short-term interest rates in bank (and other) lending. LIBOR rates are short-term fixed rates quoted for...more
Vessels cannot sail without fuel. This industry truth is recognized in contracts and under U.S. maritime law. In fact, enabling ship operators to efficiently obtain fuel is so important that U.S. maritime law purports to...more