Shipping Offshore Update – Juni 2023
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De-risking China – international companies respond to pressure to diversify supply chains
The world relies heavily on China for its supply chains and access to strategic resources. Whilst the geopolitical risk may be increasing, a complete decoupling is still undesirable for most companies. Faced with mounting pressure to diversify out of China, many foreign companies are therefore exploring alternative de-risking strategies to help with effective supply chain diversification and key-asset distribution.
War risks cover for ships trapped in Ukraine – CTL and the Nordic perspective
The Russian invasion of Ukraine continues to cause uncertainty in the marine insurance market, in particular as a result of a potentially large number of total loss claims from owners of vessels that have been trapped beyond 24 February 2023, which marks the one-year anniversary of the full-scale invasion.
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.
Insurers prevail in landmark Nordic Plan CTL judgment
Following a long legal battle before the Norwegian courts, the Court of Appeal has dismissed a claim by the owners of the vessel “Champion Express” for a constructive total loss (“CTL”) under the Nordic Plan. Wikborg Rein acted for the insurers in what has been the first Norwegian judgment on CTL since the now 31 year old ND-1992-172 Berglift judgment.
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).
Nordic Plan vs. ITCH – what are the main differences?
The Nordic Marine Insurance Plan of 2013, now in its 2023 version, is the preferred choice of insurance conditions for vessels and mobile offshore units in the Nordic market for all standard non-P&I insurances. The Nordic Plan is also gaining popularity with insurers and owners outside the Nordic countries. Previously those insurers and owners would often turn to the Institute Time Clauses Hulls of 1983 (ITCH) developed by the London market. This article considers some of the key differences between the two sets of conditions.
Charter payments and sanctions – an update from the Commercial Court
In a summary judgment relating to a dispute arising out of the charterers’ failure to make hire payments under bareboat charterparties, the Commercial Court provides guidance on the impact of sanctions on the parties’ obligations to make payment.
Transportation of live fish – contracting out of liability for cargo damage
To meet the demand for the transportation and handling of live fish, fish farmers can either charter well-boats or enter into general contracts for carriage of goods. The type of contract used will determine the shipowners’ possibility to limit liability for loss or damage to live fish during transportation.
Using well-boats in Norwegian aquaculture – a complicated legislative framework
In addition to complying with private contracts with fish farmers and general shipping regulations, well boat operators have to comply with certain aquacultural rules. For anyone operating in the well-boat market, basic knowledge of this regulatory framework is crucial.
Emission allowances trading
The European carbon market has grown substantially since its start in 2005. With the extension of the EU ETS to include the shipping sector, and an annual reduction of more than 4% of the overall number of emission allowances in the market, the price is expected to rise. This means an increased need and interest amongst stakeholders to understand how trading with emission allowances is regulated.
Launch of offshore wind tenders for Sørlige Nordsjø II and Utsira Nord
On 29 March 2023, the Norwegian Government announced the opening of Norway’s first offshore wind tenders in the areas Sørlige Nordsjø II and Utsira Nord.
Life after subsidies in the offshore wind market in China
Offshore wind power is a promising renewable energy source that can help the world achieve its carbon neutrality goals and China is one of the world’s largest offshore wind markets. However, the Chinese offshore wind sector is changing, especially after the government subsidies for offshore wind projects were phased out at the end of 2021.