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Liability of banks for refusing payment under letters of credit

Morton Fraser
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United Kingdom
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September 20 2011

In Fortis Bank SANV v Indian Overseas Bank, the court considered the liability of a bank for failing to honour five letters of credit issued by it

New tonnage tax introduced in Cyprus

Morton Fraser
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Cyprus
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July 30 2010

A new tonnage tax (to apply retrospectively as from 1 January 2010) was introduced in Cyprus on 29 April 2010 via the Merchant Shipping (Fees & Taxing provisions) Law

Refund guarantee doesn’t extend to the insolvency of the builder

Morton Fraser
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United Kingdom
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February 16 2011

In our Spring 2010 e-news we reported on the case of Kookmin Bank which dealt with the interpretation of a refund guarantee between Kookmin Bank (the "Bank") and the customer of an insolvent shipyard

The need for loss in awarding damages for breach of contract

Morton Fraser
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United Kingdom
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September 20 2011

A recent shipping case highlighted the need for loss to be established before compensatory damages can be awarded under English law

Concerns over new ship valuation standard

Morton Fraser
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Global
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February 15 2010

Two German banks, HSH Nordbank and Deutsche Schiffsbank, have endorsed a new method of valuing ships, known as the "Hamburg Ship Evaluation Standard"

Scottish ferries review

Morton Fraser
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United Kingdom
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February 16 2011

A series of public meetings was carried out in November and December 2010 in the Scottish Hebrides to discuss the Scottish Government's review of the current provision of ferry services

Bahamas Yacht Registry

Morton Fraser
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Bahamas
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February 16 2011

The Bahamas Maritime Authority has announced the launch of a new Yacht Registry

New EU inspection regime for shipping companies

Morton Fraser
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European Union
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February 16 2011

In January 2011 the European Commission introduced an EU-wide online register which will track all safety inspections on ships carried out in EU ports

What constitutes a performance bond?

Morton Fraser
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United Kingdom
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February 16 2011

Mertiz (the "Guarantor"), an insurance company, had issued advance payment guarantees to Jan de Nul (the "Buyer") guaranteeing the repayment of payments made by the Buyer under 3 shipbuilding contracts with a Korean shipbuilding company (the "Builder"