Welcome to the Marine and Trade end-of-year review. We are pleased to present below a roundup of articles, authored by our Asia Pacific Marine & Trade team, on events and developments that have shaped the sector in 2016.
This year has been transformative for the marine and trade sector. Global events such as the Hanjin collapse, OW Bunker and Brexit have significantly impacted market conditions.
To prepare our clients for the year ahead, we have invited Clarkson Research to produce a roundup of 2016 and market forecast for 2017, which we are pleased to share with you below.
Merry Christmas and Happy New Year. We look forward to working with you in 2017.
Clyde & Co Asia Pacific Marine and Trade team
The Shipping Markets In 2016
In 2016, market conditions in most shipping sectors have been highly challenging. The ClarkSea Index, an average of earnings for the main commercial vessel types, reached a record monthly low in August. In the first ten months of 2016, the index dropped 37% y-o-y to average $9,129/day.
Mis-delivery claims in relation to cargo discharged against LOIs
This year, many of our clients have faced issues arising out of the discharge of cargo without the original bills of lading and against letters of indemnity ("LOIs").
The Supreme Court decision in OW Bunkers – when a sale of goods is not a sale of goods
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans".
What foreign "Maritime Liens" are enforceable in Australia?
The Full Court of the Federal Court of Australia has held that a foreign maritime lien for the supply of bunkers cannot exist in Australia.
Demand Guarantee – the judicial interpretation published by the PRC Supreme Court in November
The PRC Supreme Court's Judicial Interpretation on Disputes over Independent Letter of Guarantee ("Interpretation") has entered into force on 1 December 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.