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On 17 February 2026, the United Nations Convention on the International Effects of Judicial Sales of Ships (Beijing Convention) entered into force. Adopted by the United Nations General Assembly on 7 December 2022, the Beijing Convention opened for signature on 5 September 2023. As of March 2026, only three states had ratified the Beijing Convention. However, with greater adoption, the Beijing Convention aims to provide […]

OVERVIEW In Moeve Trading SAU v Mael Trading FZ LLC,1 the English High Court (the “Court”) confirmed that in commodity sale contracts, a letter of credit (“LC”) typically functions as conditional payment rather than absolute payment, unless the contract expressly states otherwise. This distinction is significant; if a buyer takes delivery of the goods and the issuing bank fails to pay under the LC, a seller would […]

Ports are usually seen as civilian infrastructure operating in relatively predictable conditions. Few in the global maritime industry had seriously considered how commercial ports might function during a full-scale war. Over the past four years, however, Ukrainian ports have had to operate in precisely these conditions. Even before the invasion began in February 2022, navigational warnings declared the north-western part of the Black Sea unsafe […]

In the case of Valency International Pte Ltd v JSW International Tradecorp Pte Ltd and others and another appeal [2026] SGCA 1, the Singapore Court of Appeal held that instructions to issue delivery orders, without more, did not constitute conversion; the instructions had to be acted upon before any liability could attach.  BACKGROUND Valency International Pte Ltd (“Valency”), the claimant in the case, financed the purchase of […]

Updates for vessels calling into Turkiye in 2026. 7 January 2026 Correspondent Ulgener brings us this update on the new rates for pollution fines. Read the online circular here. 2 December 2025 Following the increase in pollution fines in Turkiye for 2026, Correspondent Omur Marine brings us this update on new minimum limits for coastal facility pollution insurance. On the date of 25.11.2025, a Communiqué amending […]

Summary The “Happy Aras” (the “Vessel”) was on a laden voyage from Reni, Ukraine to Mersin, Turkey when she grounded off Turkey. The Vessel was seriously damaged, and Owners declared general average.  Cargo Insurers, who had issued general average security on Cargo Interests’ behalf, refused to pay a USD1.2m general average contribution to Owners, alleging that  the grounding was caused by Owners’ actionable fault in […]

The term ‘breach of contract’ is commonly heard within a business context and occurs when one party fails to fulfil some or all of its contractual obligations. But what is a ‘repudiatory breach’ of contract? In short, a repudiatory breach is a serious breach of contract by one party which goes to the root of the contract, depriving the innocent party of the whole benefit […]

The Chartered Institute of Arbitrators (CIArb) recently published its new “Guideline on Third-Party Funding in Arbitration” (Guidelines), which are designed to provide some clarity as to best practice in respect of the growing use of third-party funding in international arbitration. What is third party funding? For those unfamiliar with the concept, third-party funding (TPF) in international arbitration is where claimants’ arbitrations are funded by a […]

The IUMI Stats Report 2025 is an analysis of the global marine insurance market for 2024. This annual document reports on the state of the marine insurance sector within the framework of the global economy, trade and shipping. Data is gathered from a number of agencies including IUMI’s own sources and is analysed and presented with some additional commentary. Highlights from this year’s report includes: […]

On 3 November 2025, the UK Department of Business and Trade (DBT) and the UK Office of Trade Sanctions Implementation (OTSI) published guidance for the freight and shipping sector aimed at helping the sector to better understand the circumvention practices used by Russia to evade sanctions. The guidance is intended to be for freight forwarders, carriers, hauliers, customs intermediaries, postal and express operators, and other […]