Legal Update: Establishing a Limitation Fund Recent developments in Singapore and the UAE
The increasing willingness by jurisdictions to accept P&I Clubs’ LOUs to constitute limitation funds is a welcome trend for shipowners and P&I Clubs.
The practical advantages of using a P&I Club’s LOU as opposed to making a cash payment into Court are that it is a much quicker and considerably less expensive way to establish a limitation fund, without having to tie up cash reserves in court.
Find out more on this topic by reading our Legal Update attached above.
Downloads
-
Legal update- limitation fund (775 KB)
01/11/2018
Download PDF
You may also be interested in:
The Convention on Limitation of Liability for Maritime Claims 1976 sets uniform rules relating to the limitation of liability for maritime claims.
ECDIS Detention data by AMSA PSC
12/01/2021
When using the ECDIS, it is necessary to know specifically what the problems for navigators are; in this article Captain Sekine extracts the problems related to the use of ECDIS in regard to the current status of ships operated around the world.
On 19 March 2013, MV “CMA CGM Florida” (CCF) collided with MV “Chou Shan” (CS) in the estuary of the Yangtze River, resulting in a serious rupture to the hull of CCF followed by a substantial bunker oil spill into the sea.
AS Fortuna Opco BV and another v Sea Consortium Pte Ltd and others [2020] SGHC 72