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.
34357 - Legal_update-_limitation_fund 775 KB
You may also be interested in:
The UAE Accedes to the Intl Convention on Civil Liability for Bunker Oil Pollution Damage
The United Arab Emirates has acceded the International Convention On Civil Liability for Bunker Oil Pollution Damage, 2001.
Singapore: 47 individuals & 7 companies penalized for breaching COVID-19 related regulations
The Maritime and Port Authority of Singapore (MPA) announced that 47 individuals and 7 companies, including ocean-going vessel interests, were penalized between November 2020 and June 2021 for breaching safe management regulations, apparently related to the COVID-19 (Temporary Measures) Act 2020.
A Roadmap for Ship Decarbonisation
Global warming is one of the most severe and complex challenges our world faces today; there is an urgent need to reduce emission levels and avoid the most devastating impacts of climate change and every individual, business, and industry, including shipping, has a part to play.
MPA Singapore Port Marine Circular No.19
The Maritime and Port Authority (MPA) of Singapore recently issued Port Marine Circular No.19 of 2022 which introduced a requirement for all non-vaccinated crew arriving in Singapore after 28th August to perform a pre-departure COVID test 2 days before arrival and hold valid travel insurance which covers them for all COVID risks.