the Singapore Court of Appeal has clarified the International Regulations for Preventing Collision at Sea (1972) requiring 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, not merely to keep to the “lane”.
Continue Reading Singapore Court of Appeal clarifies the proper interpretation of Rule 9(a) of the Collision Regulations
Collision Statements of Case – what must you disclose and when?
As of April 2023, ship collision cases now require electronic track data (“ETD”) to be provided in court by one, not both parties, as technology advances in this area.
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The answer is investing in the wind – Joint ventures in offshore wind
The world economy is shifting towards clean renewable energy sources, particularly offshore wind projects. This presents a significant investment opportunity for those interested in associated shipping assets. Here are some important reasons to consider joint ventures and investments in this sector.
Continue Reading The answer is investing in the wind – Joint ventures in offshore wind
The reform of the UK Tonnage Tax regime and its implications
The UK government has published the “Tonnage Tax (Further Opportunity for Election) Order 2023” which will implement three significant changes and will come into force on 1 June 2023.
Continue Reading The reform of the UK Tonnage Tax regime and its implications
The Eternal Bliss – Court of Appeal has the final say
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 The Eternal Bliss – Court of Appeal has the final say
Transparency in shipping supply chains
Supply chain transparency is an essential process where companies investigate their own supply chains to ensure compliance with internal company procedures and relevant laws.
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Claims for misdelivery of cargo without presentation of B/Ls: “good faith” and “consent”
It is settled law that a carrier who delivers goods without production of the bill of lading is typically liable for any consequential losses suffered by the bill of lading holder. In the course of prosecuting its claim against the carrier, the bill of lading holder may seek to obtain summary judgment without trial on the basis that there is plainly no defence to its claim.
In the recent case of The “STI Orchard” [2022] SGHCR 6 where the plaintiff bank (“Plaintiff”) sought summary judgment against the defendant shipowner (“Defendant”), the General Division of the High Court of Singapore granted the Defendant unconditional leave to defend the Plaintiff’s claim for misdelivery. A key issue identified by the Court was whether the bills of lading were intended to be relied on as security for the Plaintiff’s financing in the underlying transaction.
Ship finance without a ship? Addressing the risks of newbuild financing
“It is good that I make you build, of this ship which shall sail on the sea, the hull, the decks and the mast, and then on a sunny day, like on a wedding day, I have you dress her of sails and gift her to the sea.”
Whether it is, as for Antoine de Saint-Exupéry, a result of one’s poetic nature, or for more prosaic purposes, there are a variety of reasons for ordering new vessels. Some shipowners do so to satisfy their specific trading needs or to take advantage of more favourable credit and tax opportunities while others want to make the switch to new fuels and technology, take advantage of market rates as they repeatedly set new all-time highs or to expand or diversify activities; and sometimes for a combination thereof. From cruise ships to containerships, tankers, and bulk carriers, and offshore vessels, shipowners are always on the lookout for financial partners to assist with the capital needs associated with newbuilds. Various forecasts anticipate that the shipbuilding market will grow over the next few years, off the back of the industry effort towards green shipping and the ever growing appetite for seaborne trade.
Continue Reading Ship finance without a ship? Addressing the risks of newbuild financing
EU sixth package of sanctions against Russia
On June 3, 2022, the European Union Council adopted a sixth package of sanctions against Russia, which will phase-out the import of Russian oil and petroleum products over the next six to eight months. This particular round of sanctions will not restrict the import of gas, but official guidance warns that “nothing is off the table”.
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Solving the ‘possession’ problem – Law Commission publishes draft legislation for the legal recognition of electronic trade documents
In our October 2021 blog “Possession as we (don’t) know it!”, we discussed the existing position under English law in respect of electronic trade documents and the scope for reform in light of the Law Commission’s consultation paper and draft legislation “Digital assets: electronic trade documents (2021) Law Commission Consultation Paper No 254”, published on 30 April 2021.
Continue Reading Solving the ‘possession’ problem – Law Commission publishes draft legislation for the legal recognition of electronic trade documents