Damages for breach of terms as to quality - does the Sale of Goods Act limit such damages to depreciation in value?
10.09.2014 | International Trade & Commodities
A recent Commercial Court decision provides a useful reminder on how to determine damages for breach of warranty under the Sale of Goods Act.
Recent Chinese tax changes affecting the shipping industry
09.09.2014 | Shipping
On 1 August 2014, a new Chinese enterprise income tax applicable to international transportation income came into force. As a result, foreign shipowners and charterers may face, among other things, increased tax liabilities in respect of their net charter income, freight and related charges. Here, we summarise the key aspects of the new tax and their potential impact.
Recent Events in Qingdao Port Highlight Risks in Commodity Trading/Financing in China
03.09.2014 | International Trade & Commodities
In early June this year, a Chinese metal trading company and its affiliates were reported to have been using the same stockpiles of metal commodities stored at Dagang, Qingdao Port, China for the purpose of collateralising multiple loans. The reported incident has raised concerns with both domestic and international commodity traders and financiers. This article provides a brief note on our understanding of the matter and the issues involved as well as some preliminary comments from a risk management perspective.
Vessel arrest in Hong Kong – a means to enforce a maritime arbitration award via the backdoor? M/V ‘ALAS’, subsequently renamed as ‘KOMBOS’  HKCU 1698
14.08.2014 | Shipping
In a potentially very significant judgment last month the Hong Kong High Court upheld the arrest of a vessel despite the plaintiff already having obtained an arbitration award. Ng J, the Admiralty judge, effectively ruled that a ship can still be arrested despite the existence of an arbitration award provided that the claim out of which the award originates properly invokes the in rem jurisdiction of the Court. The arrest was allowed to stand because the cause of action in rem remains alive so long as the arbitration award in personam against the owners of the ship remains unsatisfied.
Shipping issues arising out of the ebola outbreak in West Africa
14.08.2014 | Shipping
The Ebola outbreak in West Africa has seen a number of advisories from P&I Clubs and industry bodies. Its virulence has created an atmosphere of fear. There are examples of crews refusing to enter ports in countries where outbreak of the disease has been reported. Owners and ports have grappled with these sorts of health issues for centuries. By way of example the first UK Quarantine Act was passed in 1712 mandating a 40 day period before a vessel could enter port (deriving from the Italian word quarante). Public health authorities are often called on to contain or investigate outbreaks of Norovirus or Legionella particularly on cruise ships and most countries have legislation in place to detain ships that threaten the health of those on board or ashore. The advice currently being sent out mirrors that for SARS (Severe Acute Respiratory Syndrome) which broke out in Hong Kong in 2002-2003 and is aimed primarily at keeping the crew safe and highlighting an owner’s duty of care.
Double Trouble for D&O insurers as the UK Regulators extend the limitation period applicable to disciplinary investigations
07.08.2014 | Insurance & Reinsurance
In this client alert the Ince Financial Lines Team provides a summary of the new legislation that seeks to give the UK Regulators an advantage over their US counterparts by extending the time period within which they can investigate before they have to issue disciplinary proceedings or close the investigation down.