Due diligence for ship finance transactions in Cyprus

(http://www.MaritimeCyprus.com) The Shipping Industry is currently undergoing one of its largest economic and financial crises of recent memory due to the turmoil brought on by the credit crunch. It is under these circumstances that prudent and careful financial and investment decisions need to be made in order to not only survive the turbulence, but to thrive…

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IMO Revised Compendium on Facilitation and Electronic Business

(http://www.MaritimeCyprus.com) The mandatory requirement for national governments to introduce electronic information exchange between ships and ports came into effect from 8 April 2019, under the FAL Convention. According to the Standard 1.3bis, Public Authorities have to establish systems for the electronic exchange of information by 8 April 2019. A period of no less than 12…

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EU MRV and IMO DCS Regulations – Reporting requirements

(http://www.MaritimeCyprus.com) In order to reduce emissions from shipping, the European Union (EU) has introduced the shipping Monitoring, Reporting and Verification (MRV) regulation, which is designed to gather data on CO2 emissions based on ships’ fuel consumption. In parallel, the IMO has introduced a three-step approach, based on collecting and analyzing fuel consumption data, before agreeing what…

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IMO 2020: Worldwide Scrubber washwater restrictions (update Dec. 2019)

(http://www.MaritimeCyprus.com) The IMO considers exhaust gas scrubbers to be an acceptable means of reducing vessels’ sulphur emissions and ensuring compliance with MARPOL Annex VI.  A separate guideline, Resolution MEPC.259(68), specifies the requirements for the verification, testing, survey and certification of scrubber systems and sets out the criteria for discharging scrubber washwater into the sea. However, some coastal states…

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2020 Sulphur Inspection Guidance from the EU (Dec 2019)

(http://www.MaritimeCyprus.com) As the global shipping industry prepares for the arrival of the global sulphur cap in January 2020, the operation of ships in a multi-fuel future is a fast approaching reality. European Maritime Safety Agency (EMSA) has posted the document Sulphur Inspection Guidance. It is intended to provide guidance to EU port state control agencies for…

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Updates and Reminders on the Use of Exhaust Gas Scrubbers in US Waters (IMO 2020 sulphur cap)

(http://www.MaritimeCyprus.com) The USCG issued an update to their policy letter, CVC Policy Letter 12-04, to remove a request for correspondence from Flag administrations on granted equivalencies. The USCG will instead be verifying this information through the IMO’s Global Integrated Shipping Information System (GISIS). Provided the systems are tested, surveyed, and verified in accordance with MEPC…

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IMO Requirements for maintenance of Life/Rescue boats, launching appliances and release gear as of 1 Jan 2020

(http://www.MaritimeCyprus.com) From 1 January 2020, maintenance, thorough examination, operational testing, overhaul and repair of the following items shall be carried out in accordance with the IMO Resolution MSC.402(96). Applicability: Lifeboats (including free-fall lifeboats), rescue boats and fast rescue boats Launching appliances as well as on-load and off-load release gears for lifeboats (including primary and secondary…

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