Paying Ransoms - could the US make this more difficult?
Tuesday 16 March, 2010
According to a number of reports in trade press and recent comments from the US State Department, the US administration seems to be flying a kite to test national and industry reaction to an initiative which may use existing UN Resolutions and the US OFAC (Office of Foreign Assets Control) Regulations (“Regulations”) to allow them to take action, including the banning of ships involved from US ports, against shipowners who pay ransoms to Somali pirates.
Stephen Askins reports on possible new US regulations on the payment of ransoms to pirates and the effect these could have on shipowners and others involved in the ransom process.
Paying ransoms - could the US make this more difficult? (pdf)
In a recent interview Stephen Askins told the BBC News website that the debate on the use of armed guards was one that polarised the industry.
Date: Monday 20 - Wednesday 22 February, 2012
Location: Jumeirah Carlton Tower Hotel, London
Ince & Co partners Kevin Cooper and Stephen Askins, senior associate Victor Fenwick and solicitor Penny Cygan are hosting a pre-conference workshop on “Crisis Management: protect your assets”. The workshop will provide guidance on planning emergency response which includes collision and piracy incidents.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Hilton London Tower Bridge Hotel
Ince & Co partner Carol Searle and consultant Tony George are speaking at the Insuring Export Credit & Political Risk conference.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Prospero House
Ince & Co partner Daniel Jones will be speaking during the spotlight session on “The Yacht Refit – Insurance Issues”. The session will examine what happens when the yacht goes into refit, the new standard form contract, insurance obligations, common terms, ship repairs legal liability insurance and the waiver of subrogation requirements.
Date: Tuesday 06 - Wednesday 07 March, 2012
Location: London
Ince & Co Partner Stephen Askins will be speaking at the Chemical and Product Tankers conference on Piracy.
Date: Wednesday 25 - Thursday 26 April, 2012
Location: Marriott Hotel, Copenhagen
Ince & Co partners Michael Stockwood, Kevin Cooper, Stephen Marais and Vincent Xu are hosting a one day pre-conference workshop on “Key strategies to achieving a consensual agreement maximising the benefits for both banks and owners”. The workshop will explore three key themes; restructuring shipping loans, enforcement, and issues relating to Chinese finance and involvement with Chinese shipyards.