A new report from law firm and Maritime London member
HFW, the suggestion that Brexit could damage Londonís dominance in resolving
shipping disputes could be dispelled since London remains the most trusted
jurisdiction for resolving shipping disputes.
According to the HFW report, approximately 1,700
individual maritime arbitrations were handled by members of the London Maritime
Arbitrators Association (LMAA) alone in 2016, with an additional 50
arbitrations held in London relating to the London Court of International
Arbitration (LCIA) and International Chamber of Commerce (ICC) disputes.
London's strongest competitor is Singapore, which saw
less than 10% of London's maritime arbitration case load in 2016. Hong Kong's
HKIAC dealt with approximately 36 maritime arbitrations in the same year and up
to around 10 LMAA arbitrations were seated in Hong Kong. HFW says that Dubai
and Paris are "the next two centres to watch". In the Middle East,
Dubai is building itself into a regional and global maritime hub.
Commenting on the HFW report Ian Gaunt (pictured
above), president of the LMAA said:
"The HFW survey shows the continuing strength of
London as the dispute resolution of choice in the maritime industry. Every
effort will be made to maintain this position and the quality of the
arbitration process in London by listening to supporting members and other
users worldwide and particularly in Europe and the Asia Pacific region. London
has an incomparable depth of experience among arbitrators, maritime lawyers and
experts, and this is recognised in parties' continuing choice of London as the
venue for resolution of disputes in arbitration and also mediation.
In fact, many disputes which never reach
arbitration, or are settled before awards, are resolved through the work of
hugely experienced English maritime lawyers and defence clubs. Parties
arbitrating in London can also be confident in the support of the English
Commercial Court and that, as recent experience has shown, London arbitration
awards will be enforceable in all the 150 countries which are signatories to
the New York Convention, including those in which enforcement of
court judgements would be difficult."
LMAA believes cost, efficiency and effectiveness sets
it apart from its competitors. The LMAA says that it obtains regular industry
feedback from its users' committees in Europe and Asia which suggests that the
LMAA remains very competitive in these area