Insights

The current state of the market has resulted in an increased focus on the sale and purchase of second-hand ships. These transactions can, however, be fraught with potential pitfalls for both buyer and seller alike.

On 3rd June, 2022, the EU decided to adopt a sixth package of sanctions against Russia and Belarus. The relevant legislation implementing this latest package of sanctions can be found here. Of particular relevance to Members will be the ban on the import of Russian oil into the EU, and the prohibition on insurance for the transport of Russian oil to third countries.

Following a drafting and consultation process of more than two years, BIMCO has launched its first ship sale and purchase agreement standard form known as SHIPSALE 22.  BIMCO state that the purpose of the form is to provide the market with “a modern and comprehensive alternative” to the existing forms available with the aim of making the ship sale and purchase process more efficient.  SHIPSALE 22 is broadly based on the Norwegian SALEFORM 2012 (“NSF 2012”) but we highlight some of the key differences in our Insight.

The UK has recently imposed further sanctions on Russia, publishing the Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 on 30th March, 2022, and the Russia (Sanctions) (EU Exit) (Amendment) (No. 8) Regulations 2022 on 14th April, 2022.

The Club recently provided an update in respect of liens on cargo in China pursuant to the PRC Supreme Court Memorandum on Trials for Foreign-related Commercial and Maritime Cases (the “Memo”).  This further update follows a significant ruling by the Shanghai Maritime Court which, for the first time in the PRC, recognised English court judgments under the principle of reciprocity and the policy reflected in the Memo.