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Update on Vessel Leasing Issues

BY Nancy L. Hengen
March 26, 2010

This article covers several vessel-leasing-related topics that have increasing prominence in today's world. The first topic highlights ship recycling issues, and the second discusses the increasing tendency to treat environmental events as criminal at both the individual and corporate levels. The third topic is a short discussion about Section 1110 of the Bankruptcy Code and why it is tantalizing to vessel lessors, but not applicable to commercial vessels. The final topic is a brief discussion about what a lessor of vessels operating in the international trade should know about piracy.

Vessel Recycling

Recycling of vessels has become an increasingly urgent environmental topic, not only in the United States, but also internationally. The public discussion generally falls into two interrelated categories: 1) safe working conditions of workers who do the actual breakup of the vessel itself and environmentally safe disposal or recycling of a vessel's constituent parts, and 2) the export of vessels containing hazardous substances from (chiefly) Western developed countries to underdeveloped countries.

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