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New Lloyd’s Open Form 2024

16.12.2024

WRECKSTAGE 2024 – new industry standard wreck removal agreement

On 4 June 2024 BIMCO released a new version of WRECKSTAGE, which has long been the industry standard agreement for maritime wreck removal projects where the contractor is remunerated on a lump sum basis. Several changes have been made to this new version, the most important being a new optional risk allocation procedure, which is intended to give greater certainty in the allocation of risks. The result is an improved form which will no doubt be warmly welcomed by the industry.

11.06.2024

New Lloyd's Open Form 2024

Lloyd's Salvage Arbitration Branch has released a new Lloyd's Open Form of Salvage Agreement ("LOF 2024"), as well as a new Lloyd’s Salvage Arbitration Clause ("LSAC 2024").

10.06.2024

Transportation of CO2 – an emerging market

Following the Paris Agreement, Carbon Capture and Storage (CCS) has emerged as a promising tool to substantially reduce carbon emissions. Whilst CCS’s potential is considerable, it is still a developing industry that needs efficient means of transportation.

04.06.2024

WRECKSTAGE 2024 – new industry standard wreck removal agreement

Yesterday, BIMCO released a new version of WRECKSTAGE, which has long been the industry standard agreement for maritime wreck removal projects where the contractor is remunerated on a lump sum basis. Several changes have been made, the most important being a new optional risk allocation procedure, often referred to as QRA (quantitative risk assessment), which is intended to give greater certainty in the allocation of risks. The result is an improved form which will be warmly welcomed by the industry.

10.05.2024

Norway has signed agreement which ensures international cooperation on the operation of autonomous ships

Norway has signed an agreement with the United Kingdom, Belgium, Denmark and the Netherlands to facilitate cooperation on the international operation of autonomous ships. The agreement is particularly aimed at the operation of autonomous ships in the North Sea basin, including ships for inspection and maintenance of existing and future offshore wind installations.

31.01.2024

Working conditions at Turkish yards and the Norwegian Transparency Act

Norwegian media has recently published a number of stories on the alleged poor working conditions at Turkish shipyards. Norwegian shipowners contracting with foreign yards must be prepared to provide information on their efforts to ensure decent working conditions pursuant to the Norwegian Transparency Act.

15.12.2023

Protection of private parties’ interests in investigations by the Norwegian Safety Investigation Authority

The Norwegian Safety Investigation Authority is tasked with conducting safety investigations into maritime accidents if they either involve Norwegian flagged ships, take place in Norwegian waters or involve significant Norwegian interests. Its reports may be important evidence in civil and criminal proceedings arising out of the casualty. The ability of private parties to protect their interests in respect of civil claims and criminal liability may therefore depend on the extent to which their interests are protected in connection with the investigation.

31.05.2023

Insurers may deposit insurance payments under the Nordic Plan

In the first arbitration award known to have been rendered under the new procedural rules of the Nordic Offshore and Maritime Arbitration Association (NOMA), the tribunal clarified that the insurers’ right under Norwegian insurance law to deposit insurance payments with liberating effect, also applies to co-insurance pursuant to the Nordic Marine Insurance Plan (Nordic Plan).

31.05.2023

The High Seas Treaty – implications for shipping

After several years of negotiations, an intergovernmental conference at the UN has reached an agreement on a draft treaty aimed at conserving marine biodiversity in areas beyond national jurisdiction. The treaty has a potential to significantly impact international shipping.

12.12.2018

Ship and rig recycling

International conventions and local regulations combine to create a complex regime, which is often overlooked. The sale of a ship or rig to an intermediate buyer, who then sells the asset on to a shipbreaking facility, will not necessarily insulate the original owner from future liability or reputational damage.