Insights

Shipbuilding projects are a significant investment and it is essential that contractual terms avoid uncertainty and ambiguity. Changes in the market, technological developments and an evolving regulatory environment all have the potential to trigger issues in relation to newbuilding projects and the associated contracts.

The Commercial Court has recently handed down a judgment in Euronav N.V. v Repsol Trading S.A (“The Maria”) [2021] EWHC 2565 (Comm) confirming that, for the purpose of calculating a demurrage claim time bar, the date of completion of discharge is determined according to the time zone applicable at the place where discharge took place.

On 14th July, 2021, the European Commission adopted a series of legislative proposals aimed at reducing greenhouse gas emissions, known as the “Fit for 55” package. The package marks a key step towards the EU’s aim to reduce greenhouse gas emissions by at least 55% by 2030 as compared to 1990 levels, and then to carbon neutrality by 2050.  The proposals include, most notably for the maritime industry, measures to promote the use of alternative fuels and key amendments to the EU’s Emission Trading Scheme (“EU ETS”).

The new Civil Code of the People’s Republic of China came into effect from 1st January, 2021, bringing in numerous changes to the rules governing civil disputes in China. Of particular relevance to Members are the changes to the rules relating to guarantees, which we consider in more detail below. The new Civil Code of the People’s Republic of China came into effect from 1st January, 2021, bringing in numerous changes to the rules governing civil disputes in China. Of particular relevance to Members are the changes to the rules relating to guarantees, which we consider in more detail in this update.

BIMCO and its team of experts have drafted and published a new charterparty clause to address the issue of AIS manipulation as a tool to evade sanctions.