We are able to offer a brief update in respect of progress to date:

Recovery (including Salvage indemnity)

We have today been advised that the vessel Owners have set up a Limitation Fund in New York.

We have retained lawyers in New York to represent our clients’ interests and will report further in due course. Negotiations are ongoing in relation to counter security for cargo interests.

We are actively considering any actions that may be taken in alternative jurisdictions and in this regard counter security has been obtained for all cargoes destined for Canada.

LOF Salvage

Contractors have requested Lloyd’s to appoint an Arbitrator in the above case and an application and draft order of security have been submitted.

Mr Lionel Persey, QC, has been appointed accordingly.

We will keep you apprised of developments, particularly arising from any meetings of representatives.

General Average

You will appreciate that, in terms of GA, these are early days and there is unlikely to be any material progress until the LOF Salvage and PA claims are concluded.

Meanwhile, in view of the above, we would remind you that full copies of all bills of lading, including reverse sides showing terms & conditions, should be provided, together with details of any reported PA claims (including any provisionally advised/outstanding), as a matter of some urgency.

The importance of securities 19/02/2024
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