Far East Shipowners Alerted to Possible Rises in S&P Disputes

The 'A' rated, 65 million GT North of England P&I Club alerted shipowners in the Far East this week to the possibility of more sale and purchase disputes. The warnings were given at two seminars in Hong Kong and Singapore attended by around 250 representatives of Far East shipowners. The events on October 17 at the Island Shangri La Hotel in Hong Kong and on October 19 at the Raffles City International Convention Centre in Singapore were organised in association with the Hong Kong and Singapore shipowners' associations respectively. Around 90 delegates attended the Hong Kong seminar and 160 attended in Singapore.

They are part of a series of seminars which North of England is presenting around the world in conjunction with sale and purchase experts from international shipping law firms Ince & Co and Mills & Co. Presenters included associate director Katherine Birchall and FD&D solicitors Graham Pilkington and Chris Metcalf from North of England together with shipping lawyers David Beaves and Elliot Woodruff of Ince & Co, and Guy Mills of Mills & Co in Newcastle.

Delegates were told that as a result of recent fluctuations in freight rates in both the dry cargo and tanker markets, second-hand tonnage prices were likely to become increasingly volatile, which in turn will increase the potential for disputes under sale and purchase contracts.