Shipping Offshore Update – December 2024
Download our Update or read the articles below
EU MRV: “Offshore ships” now defined and included by the European Commission
Starting 1 January 2025, offshore ships must comply with EU MRV emission reporting rules as the European Commission defines their role in meeting climate targets.
Clash of Recollections: Contemporaneous Documents as Evidence
When two witnesses have conflicting recollections of oral statements made years ago, how does the court determine the truth?
MOK Petro Energy v. Argo (No. 604) Limited – “damage” and breach of warranty under the Insurance Act 2015
Michael Volikas and Leah Rutley of Wikborg Rein’s London office, instructing Benjamin Coffer and Simon Rainey KC of Quadrant Chambers, represented a syndicate of London reinsurers in the High Court in successfully defending claims against them for average loss in respect of a cargo of gasoil under a marine cargo reinsurance contract by the original assured pursuing their claims under a “cut-through” clause.
AUTOSHIPMAN – the first standard form management agreement for autonomous ships
BIMCO’s Documentary Committee has adopted the AUTOSHIPMAN form in response to the growing number of remotely controlled and eventually fully autonomous ships. The form intends to address the specific risks and responsibilities associated with remotely controlled and autonomous ships.
IMO addresses fears that owners and others who comply with the Hong Kong Convention may be in legal jeopardy
BIMCO has, together with the International Chamber of Shipping, Norway, Bangladesh, India and Pakistan, urged the IMO (International Maritime Organisation) to solve conflicting requirements between the Hong Kong Convention and the Basel Convention ahead of the entry into force of the Hong Kong Convention on 26 June 2025 as currently shipowners and others may potentially be exposed to severe consequences, including criminal liability, when recycling ships in the major ship recycling countries in South Asia such as Bangladesh, India and Pakistan – even if the ships and facilities comply with the Hong Kong Convention. The IMO is looking into it and has asked the Conference of the Parties to the Basel Convention for clarification.
How to future-proof your newbuilding project
The combination of strong cash flow in the shipping market and continued uncertainty related to regulatory requirements, fuel standards, and sustainability means that the focus on future-proofing investments continue to increase.
Shipbrokers’ liability in S&P transactions – reflections from recent case law in Norway
In recent years we have seen several court cases relating to claims against shipbrokers arising out of shipping transactions. In a decision in one of those cases earlier this year, the Norwegian Court of Appeal provided useful guidance on liability of shipbrokers, and the duty of care of shipbrokers in shipping transactions.
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”).
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.
Introducing FuelEU Maritime: Contractual implications
Much has been written about the FuelEU regulations’ impact on the shipping industry, but with just a month to go before regulations fully take effect, there will still be work to be done on contractual arrangements to ensure that they properly address the requirements of this new regime.