The Nordic Marine Insurance Plan of 2013, version 2023, has recently been approved following negotiations between the Nordic shipowner associations and the Nordic Association of Marine Insurers.
The Lloyd’s Open Form survives – but its future remains uncertain.
On 25 October 2022, BIMCO published an updated version of GENCON, the most widely used dry bulk voyage charter party form worldwide. BIMCO also took the opportunity to update the accompanying CONGENBILL.
The right to limit liability for claims is a cornerstone and unique feature of maritime law. Limitation issues are a particularly important consideration in the aftermath of large scale casualties as the ability to limit liability may significantly reduce the financial exposure for a party and its insurers.
The massive and unprecedented sanctions imposed against Russia have required significant efforts to manage the risks and impact of sanctions, particularly in view of creative attempts to circumvent by some parties. In this article we explain why you should update your sanctions clause, and how to ensure that it is fit for purpose.
The Cyberspace Administration of China has issued a draft standard contract for cross-border transfers of personal information out of China which will, if adopted, constitute a valid transfer mechanism under the Chinese Personal Information Protection Law. Both the transferring entity and the overseas recipient must still be aware of additional data protection requirements related to cross-border transfers, including reporting requirements.
ESG has been developing for decades internationally, in particular in the West, but has not been as well known in mainland China until more recently. Now, however, ESG is increasingly seen as a political priority aligned with the goal of “common prosperity” and therefore firmly on the agenda of large Chinese companies. This includes many shipping companies, where it is also expected that China’s push within green shipping will lead to more mandatory ESG obligations being introduced.
BIMCO has recently published three new clauses which seek to balance Owners’ and Charterers’ respective interests under time charters in relation to the obligations imposed by the CII, EEXI and EU ETS.
Although more typically associated with the renewables space, Contracts for Difference (CfDs) are increasingly being considered as a key part of the puzzle in achieving a zero-emissions future in the shipping sector.