Insights

As the shipping industry in Japan has grown internationally the benefits of being a Member of the UK Defence Club have become increasingly apparent to the Japanese market. The value of the Association’s cover and the first class service that is provided was particularly highlighted following the worldwide economic crisis in 2008/2009 and the Association continues to experience a steady growth in its Japanese Membership.

Overall the Club produced a surplus of $11 million.The main driver behind this positive out come was the continuing improvement in the claims reserves on themost recent policy years and the early indications that 2011 will be a low claims year

RAINY SKY vs Kookmin Bank The Association’s Member entered into shipbuilding contracts with the JINSE Shipbuilding Co., Korea for the construction of 6 ships. As is normal practice, refund guarantees were provided to secure the pre-delivery instalments.

Hot on the heels of the Singapore F1 Grand Prix, on 28th September, 2011 the UK Defence Club co-hosted a seminar and cocktail reception at the Conrad Hotel for Members, brokers and other guests from the local shipping community. 

A repudiatory breach of a charterparty allows the innocent party to terminate the contract and claim damages. However, quantifying such damages can give rise to significant difficulties. This is especially true for a time charter for an extended period and when the repudiation takes place early in the contract. A recent arbitration appeal in Glory Wealth Shipping v Korea Line Corporation [2011] EWHC 1819 has helped define the manner in which such damages can be assessed.