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Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
 Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime arbitration cases have not been realised, according to research by shipping law firm HFW.
Its research – now in its third year and led by the firm’s Craig Neame and Holly Colaço – found that London’s international maritime arbitration caseload of 1,730 in 2019 marked an increase of almost 14%, compared with 2018. The London Maritime Arbitrators Association (LMAA) handled the lion’s share at approximately 1,668 new cases (up from 1,483 in 2018), with the London Court of International Arbitration and The International Chamber of Commerce (ICC) making up the difference.
HFW does note that while there was a slight reduction in international maritime arbitration in London following the Brexit vote in 2017, London has retained its position as the dominant international maritime arbitration centre despite increased global competition.
“Comparing London’s arbitration caseload statistics for 2018 and 2019 with statistics from major maritime arbitration centres outside London shows the extent of London’s current dominance in the international maritime arbitration industry,” HFW says. “Credibility and trust in London’s arbitration centres remain high amongst international parties, with the city handling in the region of 83% of all arbitrations concerning international maritime disputes in 2019,” says HFW.
But London’s position as the maritime arbitrator of choice in the past is not a guarantee of future success. HFW’s research over the last three years has “consistently indicated” that Singapore and Hong Kong are London’s strongest competitors in the global dispute resolution market, says the firm.
Global analysis
Singapore had an excellent year in 2019, recording the equivalent of approximately 13% of London’s maritime arbitration caseload, with 229 new international arbitrations shared between the Singapore International Arbitration Centre, the Singapore Chamber of Maritime Arbitration, the LMAA, and ICC. Meanwhile, in Hong Kong, the Hong Kong International Arbitration Centre dealt with approximately 44 new international maritime arbitrations in 2019, an increase from 38 in 2018. Combined with what The Hong Kong Maritime Arbitration Group terms as a “modest increase” in caseload from the 63 it recorded in 2018, Hong Kong handled the equivalent of approximately 7% of London’s caseload in 2019.
Meanwhile, HFW describes Paris, with its long-standing reputation in Europe for maritime dispute resolution, as a “forum worthy of note as a regional maritime centre”. Paris’ two arbitral institutions – the ICC and the Chambre Arbitrale Maritime de Paris – hosted approximately 43 maritime arbitrations in 2019, unchanged from 2018. This represents approximately 2.5% of London’s caseload for 2019. However, HFW notes that Paris has a significant ad hoc arbitration caseload that has not been included in its figures.
The UAE – described as “with ambitions of becoming a global maritime hub to watch” – continues to build up the first dedicated maritime arbitration centre in the Middle East, the Emirates Maritime Arbitration Centre. While caseload statistics are not yet available, HFW notes that it “has some way to go before it may be considered a challenger to London”. Scandinavia in is a similar position with its Nordic Offshore and Maritime Arbitration Association only established in 2017.
In the US, The Society of Maritime Arbitrators, the Maritime Arbitration Association and the Houston Maritime Arbitrators Association do not make their arbitration statistics public. And while China’s Maritime Arbitration Commission is described as “a thriving arbitral institution”, it invariably handles mostly regional maritime disputes as international maritime companies with no connections to China rarely choose the jurisdiction for dispute resolution.
Horizon scanning
Looking ahead, there are challenges to London’s dominance. The UK will conclude its EU transition period at the end of 2020 and the shape of the future UK-EU relationship still needs to be decided. Then there is the Covid-19 pandemic to factor in, with companies around the world starting to feel the bite of the resulting economic recession. HFW expects disputes and the use of arbitration to increase in these challenging times, as the “flexibility, faster resolution and potentially lower costs” offered by arbitration make it an increasingly popular choice for resolving maritime disputes.
HFW also expects London to continue to enjoy a “solid reputation” for international dispute resolution and to prosper as a maritime arbitration hub in 2020 and beyond. This positive outlook reflects the fact that the LMAA (which sees 95% of its caseload in London) has reassured its members that, with approximately 80% of its London maritime arbitration cases conducted using documents only, much of its current activity is business as usual and remains unaffected by Covid-19 restrictions.
The LMAA has also been able to conduct remote hearings using video conferencing software, allowing it to adapt quickly to the new reality. “It will be this ability to adapt that could be key to arbitration institutions continuing to attract maritime dispute cases in 2020,” concludes HFW.
HFW’s research for its The Maritime Arbitration Universe In Numbers report includes statistics from over 10 leading arbitral bodies. They are best estimates produced from the figures for maritime arbitrations both published and provided to HFW upon request. They cannot completely capture all maritime arbitrations as not all institutions provide full breakdowns by jurisdiction and sector and ad hoc arbitrations are difficult to track. Different arbitration institutions also record their arbitrations slightly differently, which makes comparative analysis of figures more difficult. A comprehensive explanation of the statistics is available here.
Source: Baltic Exchange
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Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
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Thursday, 06 August 20
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Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Goldman Sachs - Singapore
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- Wilmar Investment Holdings
- Central Electricity Authority - India
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- Bulk Trading Sa - Switzerland
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- Merrill Lynch Commodities Europe
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- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
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- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
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- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
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- South Luzon Thermal Energy Corporation
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
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- Heidelberg Cement - Germany
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- White Energy Company Limited
- MS Steel International - UAE
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- Eastern Energy - Thailand
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- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
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- Chamber of Mines of South Africa
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- IEA Clean Coal Centre - UK
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- Antam Resourcindo - Indonesia
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- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
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- Xindia Steels Limited - India
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- McConnell Dowell - Australia
- Thai Mozambique Logistica
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- Coal and Oil Company - UAE
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- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
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- New Zealand Coal & Carbon
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- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
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- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
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- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
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- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
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- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Australian Coal Association
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
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- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
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- Semirara Mining Corp, Philippines
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- Global Green Power PLC Corporation, Philippines
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- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
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