Insights

In our April, 2019 Soundings (“A question of class”), we reported on the Commercial Court’s ruling that an obligation to maintain a ship in class is a condition of the contract, breach of which will entitle the other party to terminate the charter. The Court of Appeal has now overturned that decision, in Ark Shipping Co LLC v. Silverburn Shipping (IOM) Ltd, “The Arctic” [2019] EWCA Civ 1161, clarifying that the obligation to keep a ship in class is an innominate term.

BIMCO has published an updated version of its widely used Hull Fouling Clause for Time Charter Parties.

The US has demonstrated an intention to continue strengthening sanctions against Venezuela with the issuance of a new Executive Order which covers any trade with the Venezuelan government and also impacts non-US entities.  Caution is highly recommended in relation to any transactions with Venezuela.

美国近期颁布新的行政命令，展示了继续加强对委内瑞拉制裁的意旨。新的行政命令 将制裁范围扩大到与委内瑞拉政府的一切贸易，同时影响非美国贸易实体。因此我们 强烈建议，对与委内瑞拉进行的任何交易，均需保持谨慎的态度。

In recognition of a marked increase in ship arrests, the BIMCO Documentary Committee has developed two clauses which seek to prescribe a fair balance of risk and responsibility between owners and charterers in the event of an arrest.