Insights

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.

On 8th April, 2022 the EU implemented a fifth package of sanctions on Russia by way of Council Decision (CFSP) 2022/578, Council Regulation 2022/576,and Council Regulation 2022/581.

The Club is receiving an increasing number of claims relating to recent bunker deliveries in Singapore where the quality of some bunker fuel has been questioned.  Although initial testing may indicate the bunkers supplied meet the ISO 8217 Table 2 specifications, it is reported that in practice these fuels tend to display severe operating problems such as excessive sludge formation in the purification/filtering process, wax formation at usual storage temperatures, wear and seizure of fuel pumps, corrosion and engine blackouts.