Insights

On 24th June 2020, OFAC added five Iranian tanker captains to the Specially Designated Nationals (SDN) list, for delivering approximately 1.5 million barrels of Iranian gasoline to Venezuela.

As governments world-wide have grappled with the COVID-19 pandemic, implemented travel restrictions and increased border controls to insulate themselves from the risk of imported transmissions, the human cost to the shipping industry has been and remains significant.   BIMCO has recently developed a clause for time charterparties which attempts to address some of the problems that have been encountered. 

The increased use of very low sulphur fuel oil (“VLSFO”) following the new MARPOL sulphur regulations has brought with it a number of challenges for ship owners. One such challenge is how best to manage the use of cylinder lube oils with VLSFO to reduce the risk of accelerated wear to engine components.  Incidents of this nature are coming to light in growing numbers and Members are therefore advised to pay particular attention to potential issues arising from the use of lube oils. 

The English High Court recently handed down judgment in the case of Jiangsu Guoxin Corporation Ltd (formerly known as Sainty Marine Corporation Ltd) v Precious Shipping Public Co. Ltd [2020] EWHC 1030 (Comm). This judgment effectively marks the end of the ‘prevention principle’ under many standard shipbuilding contracts.

Rightship has just announced the impending launch in September, 2020 of their new ‘Safety Score’ system (and the demise of the ‘Qi’ – pronounced “key” - system). In doing so the world’s “largest maritime risk management and environment assessment organisation” (to use Rightship’s own description) is hoping to bring an end to the  stream of operator criticism about the current Qi platform it launched in 2016.