Country: South Africa

Ever wandered along the Durban beachfront with a metal detector hoping to strike it lucky? Or dived down to an old wreck hoping to discover a treasure trove? With South Africa’s history of some 3 000 wrecks along our treacherous coastline, such hopes are not outside the realm of possibility and raise various issues in regard to ownership, possession, access to the vessel and treasure, as well as concerns over preservation and tax or duty payable on the treasure found.

The lending market in South Africa has seen renewed activity with a number of private equity buyouts and corporate action by bank-lending.

The SAMSA has issued Marine Notice No 18 of 2016, providing guidelines for the implementation of container weight verifications.

The National Development Plan 2030 recognises the potential for developing the ocean economy, noting SA’s coastline on a shipping route.

Last December, and again earlier this month, international shipping publication TradeWinds reported that the South African Government planned to secure three liquefied natural gas (LNG) floating storage and regasification units (FSRUs) in order to help ease South Africa’s energy difficulties.rnrnAn FSRU is a vital component of being able to import LNG without a land based terminal. This is a special type of ship which is used to receive and transfer LNG. In order to become viable, the LNG must be “regasified” on board the FSRU and then piped on shore where it can be stored or diverted where necessary.