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Legal Focus
JANUARY 2013
Shipping and maritime is a huge industry; 90 per cent of the world’s trade is carried by the international shipping industry, and around 50,000 merchant ships trade internationally. Plus, as boats have been around an awful lot longer than aeroplanes and motor vehicles, this sector is one of the world’s most ancient industries as well.
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essel arrests are a major issue within the shipping industry, one that is subject to stringent regulations and rules,
especially when more than one jurisdiction is involved. One recent news story from late 2012 that highlights the complexities of this issue is that of the approval by a Ghanaian court for the seizure of an Argentine ship as part of an on-going dispute between the country and its creditors.
The Ghanaian court ruled in favour of an American financial fund which argued that it was owed $370 million by the Argentine government due to an earlier default on its debt. The fund demanded $20 million from Argentina in return for the vessel’s release. However, as the ship is a military vessel, Argentina has called the move by the fund illegal as the seizure violates maritime law.
This is just one type of legal issue that affects this industry, and as with most major commercial sectors, the shipping and maritime industry requires its own set of industry-specific laws and regulations
to ensure smooth running, safety and justice. Shipping and maritime law is a huge practice area, pitted with potential risks and complexities, not just those associated with vessel arrests. Law firms across the world can boast specialised services which cater specifically for the shipping and maritime industry, offering detailed advice, guidance and expertise on all aspects of this wide reaching sector.
The transport and logistics industry faces constantly changing pressures that raise fresh legal issues and a greater need for legal advice that looks beyond the borders of a single country.
To examine this vast practice area further and to look specifically at the issues surrounding vessel arrests, over the next few pages, Lawyer Monthly speaks to three legal professionals from different countries across the globe. These professionals are highly-experienced in the legal implications that can arise within the shipping and maritime sector and so are well-placed to provide expert insider comment. LM