We are conducting a short, anonymous survey to find out your thoughts on sustainable fuel sources in the transportation industry, including your understanding of the various options, potential challenges, and expected timings for full conversion to sustainable fuel sources. Please take 5 minutes to complete the survey.

We know this topic is top of mind for many of our clients in the shipping industry, particularly with the expansion of EU ETS into shipping, debate around the Carbon Intensity Indicator (“CII”) Regulations, and the EU’s Carbon Border Adjustment Mechanism (CBAM).

We look forward to sharing the results of this survey in a report in the next few months.

Navigating the turbulent waters of the global supply chain from geopolitical uncertainty, to evolving sanctions, and the adoption of decarbonisation: Insights from Reed Smith’s London International Shipping Week event.

Continue Reading Insights from Reed Smith’s London International Shipping Week event: Managing your supply chain risk

In The “Navigator Aries” [2023] SGCA 20, the Singapore Court of Appeal (the “CA”) clarified that Rule 9(a) of the International Regulations for Preventing Collision at Sea 1972 (the “Colregs”) requires a vessel proceeding in a narrow channel to keep as near to the outer limit which lies on her starboard side as is safe and practicable (the “Limit Requirement”), and not merely to keep to the “lane” that is on her starboard side (the “Lane Requirement”).

Continue Reading Singapore Court of Appeal clarifies the proper interpretation of Rule 9(a) of the Collision Regulations

From April 2023, it is a requirement in collision cases that even where only one party has the information in its possession, electronic track data (“ETD”) must be provided to the other party. This is a welcome amendment to the previous rule that the parties had to do so only where they both had ETD in their possession.

Continue Reading Collision Statements of Case – what must you disclose and when?

This article was first published in Naftemporiki.

The New Code of Private Maritime Law enacted by Law 5020/2023 (the “New Code”), which came into force on 1 May 2023 (with the exception of Articles 4 to 9 concerning the digitisation of the ship registry, which will be in force from 1 November 2023), is an important step towards the modernisation of Greek Maritime Law. The New Code, which replaced the previous Code (Law 3816/1958), seeks to simplify the legal framework for the operation and financing of Greek vessels and align Greek maritime law with international practices. Below is a summary of some of the most important amendments introduced by the New Code and the impact they are expected to have on Greek shipping.

Continue Reading New Code of Private Maritime Law – Maritime law in the 21st century

The global economy is undergoing an energy transition that promises to put clean renewable energy sources front and centre by the end of the decade. Current market trends point to an opportunity for investors in offshore wind projects and associated shipping assets. This article proposes key reasons for considering joint ventures and investment in this sector.

Continue Reading The answer is investing in the wind – Joint ventures in offshore wind

The government used the Spring Budget 2023 to confirm three significant amendments to the UK Tonnage Tax regime:

  1. Opening an 18-month election window for re-entry to the UK Tonnage Tax regime;
  2. Permitting ship management companies to join the UK Tonnage Tax regime; and
  3. Increasing the limit on capital allowances for lessors who lease ships to companies, which are subject to the UK Tonnage Tax regime.

The government has now published the “Tonnage Tax (Further Opportunity for Election) Order 2023” which will implement these changes and which comes into force on 1 June 2023.

Set out below is more detail and content on these measures as well as our views of their impact and the policy behind them.

Continue Reading The reform of the UK Tonnage Tax regime and its implications

The question of whether demurrage liquidates all or just some of the damages arising from a charterer’s breach in failing to complete cargo operations within the laytime will no longer be decided by the UK Supreme Court following a commercial settlement. The parties have therefore consented to the appeal not proceeding.

Continue Reading <em>The Eternal Bliss – </em>Court of Appeal has the final say

Supply chain transparency requires companies to investigate their own supply chains to ensure compliance with internal company procedures, especially in international operations, as well as relevant laws, and to then publish this data to stakeholders and customers or the general public.

This process assists companies in reducing the risk of damage to their reputation, ensures that every element of their operation is aligned with their culture and ethos and assists in attracting new customers who increasingly demand higher standards.

Customers often want to purchase products knowing how workers in the supply chain are treated, what working conditions are like, what ingredients or materials have been used in products and what their environmental impact is. Studies have shown that transparency in supply chains leads to increased customer satisfaction that enables business growth. In the shipping industry, transparency can also improve visibility on rates, location of cargo and compliance with sanctions – all of which can lead to large cost savings. For example, knowing where certain types of cargoes are shipped from at a specific time of the year and by whom, can assist carriers in planning their routes efficiently.

Continue Reading Transparency in shipping supply chains

The President of the United Nations (“UN”) intergovernmental conference (“IGC”) on biodiversity beyond national jurisdiction (“BBNJ”), Rena Lee, proposed on March 27, 2023 that the IGC reconvene on June 19, 2023 to adopt the BBNJ treaty. The IGC interrupted its work late on March 4, 2023 after states had reached an agreement on the text of the new treaty, following years of negotiation. The private sector should follow this process closely: the BBNJ treaty may soon result in new binding obligations with which companies will need to comply when operating in areas beyond national jurisdiction (“ABNJ”), which comprise about 95% of the world’s oceans.

Continue Reading How the new “BBNJ” or “high seas” treaty may soon result in new obligations for the private sector