In Conversation with SCMA: Trends in Maritime Industry, Attractiveness of Arbitration
In the latest edition of “In Conversation with our Corporate Member” published by the Singapore Chamber of Maritime Arbitration (SCMA), Rajah & Tann Singapore partner Kendall Tan (Head, Shipping & International Trade) talked about recent trends in the maritime and trade industry, as well as the attractiveness of arbitration as a dispute resolution mechanism for the global maritime industry among other matters.
In discussing Rajah & Tann Singapore’s recent case highlights, Kendall noted that the dispute resolution landscape in the maritime and trade industry has largely been shaped by major corporate insolvencies, particularly in the oil trading sector. Challenges have also arisen from the disruptions in operations and supply chains due to the COVID-19 pandemic, together with ongoing and escalating geopolitical tensions that have led to direct conflict, sanctions, and trade-hostile measures.
Regarding the attractiveness of arbitration for the global maritime industry, Kendall highlighted that the courts are currently facing elevated caseloads due to the heightened number of disputes being litigated. Arbitration lends itself to the efficient management of disputes, and provides flexibility for parties to agree to simplified or tailored processes to reach a resolution. Arbitral institutions have also embraced technology to facilitate remote proceedings.
To read the interview in full, please click here. More information on our regional Shipping & International Trade, Singapore Shipping & International Trade practice, and International Arbitration practice is available on our website.