Welcome to the Marine and Trade end-of-year review. We are
pleased to present below a roundup of articles, authored by our
Asia Pacific Marine & Trade team, on events and developments
that have shaped the sector in 2016.
This year has been transformative for the marine and trade
sector. Global events such as the Hanjin collapse, OW Bunker and
Brexit have significantly impacted market conditions.
To prepare our clients for the year ahead, we have invited
Clarkson Research to produce a roundup of 2016 and market forecast
for 2017, which we are pleased to share with you below.
Merry Christmas and Happy New Year. We look forward to
working with you in 2017.
Clyde & Co Asia Pacific Marine and Trade
The Shipping Markets In 2016
In 2016, market conditions in most shipping sectors have been
highly challenging. The ClarkSea Index, an average of earnings for
the main commercial vessel types, reached a record monthly low in
August. In the first ten months of 2016, the index dropped 37%
y-o-y to average $9,129/day.
With the inclusion of an electronic bills of lading clause in the latest iteration of the NYPE form, as well as the International Group of P&I Clubs' approval of 3 electronic trading systems, we discuss some of the possible advantages and disadvantages of such systems to international trade.
It is common practice for traders, usually when they are the sellers of the goods and the charterers of a vessel, to instruct the carrier to discharge cargoes without production of the original bills of lading and to agree to indemnify the carrier against the consequences of doing so.
A trading dispute under an FOB contract provides the opportunity to clarify a number of issues including the role of local custom in the nomination of a port, whose right it is to nominate a loading place within a port, the nomination of a vessel incapable of loading at the original loading place and the nomination of a vessel incapable of performing the shipment.
Zohar Zik considers the decision of ACG Acquisition XX LLC v Olympic Airlines SA, where the court refused to grant summary judgment on a claim for unpaid rent in respect of a leased aircraft where it was arguable that ACG Acquisition XX LLC ("ACG"), the lessor, had breached the lease agreement and failed to provide Olympic Airlines SA ("Olympic"), the lessee, an aircraft in an airworthy condition.
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