** Sagar Sandesh print version ceases to be published from December 31, 2017. New look E-paper would be available from Jan. 1, 2018 onwards. free of cost.**

Brexit "Won't Hurt" London's Dominant Position In Maritime Arbitrations: report

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

Copyright © 2017 PORT TO PORT - Shipping Services Portal ( Sagar Sandesh ). All rights reserved.

Follow Us