Fleet compliance by Interlegal
24 January, 2022
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Since 2014, Ukrainian sea ports in the Autonomous Republic of Crimea have been closed for navigation.
Any vessel calling at the Crimean sea port will bear its own risk, while shipowners ignoring such prohibition will face sanctions affecting their further business activity.
Like the whole global shipping industry, vessel sale & purchase market grew in 2021 (transactions increased from 6% to 53%, depending on vessel type). Previously, we announced on legal support of deals for our clients.
Change of shipowner often causes change of vessel flag and/or name; however, risks may be borne by the vessel herself.
While re-registering vessel in the name of another company or while changing vessel flag/name, unfair shipowners try to conceal unlawful vessel calls, which may become an unpleasant surprise for the new shipowner.
A client applied to Interlegal for compliance of fleet and several companies regarding national and global sanctions lists and unlawful vessel calls to the Crimea.
Interlegal lawyers, under the results of fleet and company compliance, provided legal opinions and documents, based whereon the Client was able to assess risks for transactions.
Interlegal attorneys-at-law – lawyer Nikita Kocherba and associate attorney Vitalii Tolstik led the case.
