Archive for November, 2016

We are proud to announce that Acquisition International has awarded Christodoulos G. Vassiliades & Co LLC the 2016 Excellence Award: Most Outstanding Shipping Maritime Law firm

We are proud to announce that Acquisition International has selected Christodoulos G. Vassiliades & Co LLC as winner of the 2016 Excellence Award: Most Outstanding Shipping Maritime Law firm.

Acquisition International awards are highly reputable due to the validity of their awards and winners, which is echoed in the demanding and meticulous nomination procedure, also reflected in the judging and selection processes. Every single award is handed solely on merit, no commercial requirements are taken into play, no awards are guaranteed by payment and there are no barriers to entry. Therefore, the only factors that determine the award success are the work a company does and the results it achieves.

The 2016 Acquisition International awards are keen on displaying the hard work, dedication and determination of firms throughout the professional sphere, as voted for by their clients and commercial counterparts. The Acquisition International awards are regularly featured in news and press outlets across the globe.

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Our shipping department offers a full range of legal services to ship owners, charterers, ship managers and ship financing institutions. The majority of the Firm’s ship registrations are under the flags of Cyprus, Malta and Belize. We owe our success to our broad network of international contracts and representative offices, which enables us to provide clients with the services they desire, promptly and effective. We are committed to providing high quality service in the field of Shipping Law, while at the same time promoting the business interests of our clients.

2016 proves to be an extremely successful year for us and we have shown once again excellence not only in our expertise but in service.

We pride ourselves in providing excellent service to all our clients and are particularly pleased when our efforts are recognised and rewarded.

We are proud to announce that we have been awarded by Lawyer Monthly’s Legal Awards 2016 as the Intellectual Property Law Firm of the Year – Cyprus 2016

We are proud to announce that Lawyer Monthly has selected Christodoulos G. Vassiliades & Co LLC as winner in the category Intellectual Property Law Firm of the Year – Cyprus.

Lawyer Monthly is a news website and monthly legal newspaper with content that is entirely defined by noteworthy legal news from around the world. Their editorial focus tracks legal news from across key practices areas, jurisdictions and sectors. Their editorial reach is prevalent in both the established and emerging markets. Their editorial team constantly follows key legal news and events to provide insights on today’s legal scene.

The Lawyer Monthly Legal Awards acknowledge the accomplishments of legal establishments who have delivered extraordinary results for their clients in the course of the past year whilst working in a challenging business environment. Corporate lawyers and law firms continue to play a crucial role in supporting and advising businesses so that they not only survive but thrive in tough conditions. The close relationship between corporate law firms and their clients has allowed businesses to expand which means creating opportunities that fuel global economic confidence. The 2016 Lawyer Monthly Legal Awards recognises firms, individual lawyers, solicitors and barristers devoted to reinvent their business, built on their depth of expertise, and performed outstandingly over the year.

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Our Intellectual Property Department is committed in safeguarding all kinds of Intellectual Property Rights whether those are registered as trademarks, designs, patents and trade names or unregistered such as copyrights or reputable marks. We also handle passing off actions, trademark litigation and arbitration cases and assume the preparation, drafting, negotiation and advising on all types of Intellectual Property- related agreements.

2016 proves to be an extremely successful year for us and we have shown once again excellence not only in our expertise but in service.

We pride ourselves in providing excellent service to all our clients and are particularly pleased when our efforts are recognised and rewarded.

Reforestation day

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In June 2016, the fire in the Solea region in Cyprus resulted in the death of two firemen and the destruction of 18.5 square kilometres of areas of forest, making it the third worst blaze of the last two decades.

 

Christodoulos G. Vassiliades & Co. LLC, as a firm proudly supporting Corporate Social Responsibility and under the directions of the Cyprus Department of Forests, visited the area on Saturday 19th November 2016 and along with a large number of volunteers and staff of the firm, contributed their time, effort and sweat in planting more than 1000 seedlings for the restoration of burnt forest areas.

 

It is our promise that, Christodoulos G. Vassiliades & Co. LLC , through its corporate social responsibility initiatives will continue its efforts to actively assist and support Cyprus reforestation ventures.

 

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Circular No 34/2016 – International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, STCW 78, as amended- Manila Amendments

As per Circular No 34/2016 issued by the Department of Merchant Shipping (DMS), on the 21st of November 2016, the Director of the DMS informed the concerned parties of the amendments introduced for the implementation of the provisions of the 2010 Manila Amendments of the STCW78 Convention, which will be in force after 31 December 2016, regarding the newly introduced capacities.

Accordingly, Cyprus endorsements attesting the recognition of a foreign certificate of competency (EAR) will be granted to electro-technical officers serving on board Cyprus flagged vessels in this capacity who hold a valid certificate of competency issued under regulation III/6 of the Convention STCW 78, as amended, by a country whose certificates of competency are recognized by the Republic of Cyprus.   No Cyprus EAR will be issued to electro-technical rating (reg. III/7), able seaman deck (reg. II/5) and able seaman engine (III/5).

Moreover, as per regulation II/5 paragraph 2.3 of the Convention, as amended, holders of a valid certificate of proficiency as able seafarer deck according to regulation II/5, may take the position of rating forming part of a navigational watch on the safe manning (reg. II/4).

Lastly, as per regulation III/5 paragraph 2.3 of the Convention, as amended, holders of a valid certificate of proficiency as able seafarer engine in a manned engine-room or designated to perform duties in a periodically unmanned engine room, in accordance with regulation III/5, may take the position of rating forming part of an engineering watch on the safe manning (reg. III/4).

We are proud to announce that Corporate Vision has selected us as the winner for the 2016 Dispute Resolution Awards.

We are proud to announce that Corporate Vision has selected Christodoulos G. Vassiliades & Co LLC as winner of the 2016 Dispute Resolution Awards.

Corporate Vision is created by a highly experienced and passionate team of business experts, advisors and insiders, which is committed to providing discerning readers worldwide with a wealth of news, features and comment on the corporate issues of the day.

Corporate Vision’s 2016 Dispute Resolution Awards are designed to pay homage to key players within the legal industry, celebrating the innovative and committed approach firms have to handling both small and large disputes across the sector.

Corporate vision team used a combination of client testimonials, industry journals and in-house research to determine the best of the best, considering initiative and innovative thinking towards client service, wealth of knowledge and experience within the sector, significant cases in the recent 12 months, developments and progressions of a firm and research and writings in the practice of Dispute Resolution.

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Our litigation experts offer client-focused advice on matters regarding dispute resolution, international commercial litigation and procedural issues on international civil litigation and arbitration. Our team’s main priority is to escape costly and lengthy litigation and focus on resolving disputes through mediation whenever possible, including service of foreign legal documents in Cyprus, and local enforcement of foreign judgments or arbitral awards.

2016 proves to be an extremely successful year for us and we have shown once again excellence not only in our expertise but in service.

We pride ourselves in providing excellent service to all our clients and are particularly pleased when our efforts are recognised and rewarded.

Cyprus Tonnage Tax System: Flags appearing on the Grey List and Black List of the Paris MOU for the Fiscal Year 2016

As per Circular No. 33/2016 published by the Department of Merchant Shipping on the 16th of November 2016 with regard to the Cyprus Tonnage Tax System (Law 44(I)/2010), the Director of the Department relied on sections 17(2), 27(2) and 40(2) of the Law and the relevant tables contained in the Annual report of the Paris MOU for the year 2015 and has decided that certain flags will be included in the Grey List or the Black List of the Paris MOU for the fiscal year 2016.

Specifically, ships flagged under flags of: Albania, Algeria, Bulgaria, Curacao, Egypt,

Georgia, India, Jamaica, Kuwait, Lebanon, Libya, Lithuania, Malaysia, Mongolia, Morocco, Poland, Slovakia, Switzerland, Syrian Arab Republic, Thailand, Tunisia, Tuvalu, Ukraine, Vanuatu or Viet Nam, are included in the GREY list of the Paris MOU. Moreover, the Qualifying non-Community ships that fall within this List shall have their annual tonnage tax increased by thirty per cent (30%),

Similarly, ships flagged under flags of: Azerbaijan, Belize, Bolivia, Cambodia, Comoros, Dominica, Honduras, Republic of Moldova, Montenegro, Sierra Leone, St. Kitts and Nevis, St. Vincent and the Grenadines, United Republic of Tanzania, or Togo, are included in the BLACK list of the Paris MOU, accordingly. Qualifying non-Community ships that fall within this List shall have their annual tonnage tax increased by sixty per cent (60%).

In addition, Community and non-Community ships under management flying a flag of a State mentioned in the BLACK list must be deemed to comply with international and Community standards only if the technical and crew management of every such ship is entirely performed from the territory of any Member State. In case of failure of compliance with these requirements, s 54 of the Law will apply, thus the Director may impose a fee to ensure compliance.

New standard notification form in relation to waste delivery to port reception facilities

Transposition – implementation of Commission Directive (EU) 2015/2087 of 18/11/2015 amending Annex II to Directive 2000/59/EC of the European Parliament and the Council on port reception facilities for ship-generated waste and cargo residues.

The European Union adopted Directive (EU) 2015/2087 replacing the table included in Annex II of Directive 2000/59/EC on port reception facilities for ship-generated waste and cargo residues.

The new Annex II introduces information of the types and quantities of ship generated waste delivered to port reception facilities in the last port of delivery and new and more detailed categorization of garbage. Therefore, a new standard form of the notification form has been generated in relation to waste delivery to port reception facilities.

By the 9th day of December, all EU Member States must adopt and publish all relevant necessary laws to comply with Directive 2015/2087. The 10th Schedule of our national order P.I 771/2003 will be replaced with the said new standard form as per Directive 2015/2087.

IMO sets 2020 date for ships to comply with low sulphur fuel oil requirement

As per the International Maritime Organization’s (IMO) decision, 1st January 2020 has been set as the implementation date for a significant reduction in the sulphur content of the fuel oil used by ships. The decision was taken during the IMO’s Marine Environment Protection Committee (MEPC), meeting for its 70th session in London.

Accordingly, under the new global cap, ships will have to use fuel oil on board with a sulphur content of no more than 0.50% m/m, as opposed to the 3.50% m/m global limit currently in place. Use in main and auxiliary engines and boilers is also included in the interpretation of “fuel oil used on board”, while exemptions will be provided for situations involving the safety of the ship or saving life at sea, or if a ship or its equipment is damaged.

Ships are advised to use low-sulphur compliant fuel oil, gas or methadol, as alternatives, in order to meet the new low standard requirement. Moreover, ships may meet the emission requirements by using approved equivalent methods, such as exhaust gas cleaning systems or “scrubbers”, since these “clean” the emissions before they are released into the atmosphere. Such equivalent arrangement though must firstly be approved by the ship’s Flag State Administration.

It is noted that the limits in Sulphur Oxides Emission Control Areas (ECAS)[1] established by IMO, which since 1 January 2015 has been 0.10% m/m, will not be affected by the new global cap.

The decision of the IMO for such reduction in sulphur fuel oil requirement is welcome as a significant step towards the environment and human health. As provided by the IMO Secretary-General Kitack Lim “the reductions in sulphur oxide emissions resulting from the lower global sulphur cap are expected to have a significant beneficial impact on the environment and on human health, particularly that of people living in port cities and coastal communities, beyond the existing emission control areas”.

[1] ECAs established under MARPOL Annex VI for SOx are: the Baltic Sea area; the North Sea area; the North American area (covering designated coastal areas off the United States and Canada); and the United States Caribbean Sea area (around Puerto Rico and the United States Virgin Islands).