July 18, 2024

Fichte and Co discussed core hurdles in maritime financing at SMME 2021

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Fichte & Co Legal, one of the UAEs leading law firms, recently concluded its successful participation during the Seatrade Maritime Middle East (SMME) 2021. As part of the UAE Maritime Week, under the patronage of the UAE Ministry of Energy and Infrastructure, the conference had been initiating crucial discussions that will power shift in the arena.

Laura Voda, Of Counsel, Fichte & Co.

For the 2021 edition, in association with the Fichte & Co., SMME had recently unveiled the ‘The Maritime Excellence Forum’ that took place today. Moderated by Andrew Baird, Managing Partner, Dubai Office, Watson Farley & Williams (Middle East) LLP, the engaging panel discussion was titled ‘Restructuring your company for future growth’. 

Alessandro Tricoli of Fichte & Co., Chris Peters of Tristar Maritime (E Ships), Bilal Hasan Ashraf of National Bank of Fujairah, Anne Rousseau of Societe Generale, and Ronan Nash of Safana Maritime emphasized the significance of crucial financial restructuring and strategic considerations.

Jasmin Fichte, Managing Partner, Fichte & Co Legal

Jasmin Fichte, Managing Partner, Fichte & Co Legal stated: “SMME is one of the leading industry events that has united the community of maritime professionals from across the Middle East since its inception in 2008. Fichte & Co has continually showcased its support to the event as it has brought about positive reform and knowledge exchange in the industry. We fully understand the legal sector is a key pillar of the maritime sector, yet there is excessive misinformation or lack thereof about laws, legislation, and regulations.”

She also added: “To ensure a competitive maritime industry in the UAE and the Middle East, it is essential to educate the industry about these subjects. I firmly believe that we have successfully managed to do so with this collaboration.”

Reviewing Maritime Laws and Associated Risks

The maritime arena is extremely dynamic and has powered numerous shifts and amends to the regulations and laws that govern the arena. Industry dialogue and knowledge sharing are quite essential and critical parts for ensuring that the firms and professionals are quite aware of the latest regulations adhering to the best legal practices.

Thus, for contribution to the industry’s success, panelists touched upon numerous topics, comprising restructuring to charm the finances, Poseidon principles as well as alternative finance.

Alessandro Tricoli, Partner, Fichte & Co Legal

Alessandro Tricoli, Partner, Fichte & Co Legal stated: “Maritime law and finance are topics of prime importance in the maritime industry. Expert guidance is essential for organizations to function smoothly while complying with the several amendments that are made to maritime rules. By organizing The Maritime Excellence Forum, we aimed to bridge the gap between knowledge and action in the industry.”

He also added: “Hence, we united experts in maritime law, finance, and insurance to discuss opportunities that will enable the UAE to continue evolving into a competent maritime business centre. We are certain that the forum will help stakeholders make informed decisions, identify key growth opportunities, and future-proof their business.” 

Chris Peters, CEO, Tristar Maritime Logistics added: “It was an honor being a part of the esteemed panel at The Maritime Excellence Forum. The platform allowed us to reflect on critical questions that the industry is surrounded by in terms of legalities and legislation. This involves difficulties in changing crew, reducing emissions from maritime transport, and the correlation between finance and shipping, among other subjects.”

Bilal Hasan Ashraf, Sector Head, Energy & Marine, National Bank of Fujairah stated: “Shipping financing is a critical topic in the maritime industry due to the high-risk markets and volatility in terms of freight rates and asset prices raises. It is an important source of capital for industry and is necessary to attract newer organizations and promote the progress of the sector. Participating in this forum has helped me share valuable insights about shipping finance with the attendees.”

Seatrade Maritime Middle East had also shed light on topics like seafarer safety, the supply chain of the future, digitalization and data, regulation updates and decarbonization, and sustainable shipping.

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