The UK Supreme Court decision in the Renos case provides useful guidance for both shipowners and insurers concerning the cost in deciding whether a vessel is a constructive total loss under its hull and machinery policy.
A Brazilian court has ordered Vale SA, the world’s largest iron ore miner, to suspend operations at two more dams. The court demanded the company to prove the structures are stable, following an accident in the Vale’s facilities in January that killed about 300 people.
As the UK P&I Club informs, on 21 February the English High Court ordered charterers to provide security for the release of a ship under an LOI given to enable cargo to be delivered without production of the original bills of lading. Providing its comment on the decision, the UK Club stated that it is clearly a positive development that the Court interpreted clause 3 of the IG standard LOI favourably for shipowners.
JES International Holdings, a Singapore-listed defunct Chinese shipbuilder, has announced that an application has been filed in the high court of Singapore to place the company under judicial management. The shipbuilder fined its application on February 11. In the meantime, the date of the hearing of the application is still to be fixed by the court.
Japanese K-Line’s plea follows an investigation by the Australian Competition and Consumer Commission and charges laid by the Commonwealth Director of Public Prosecutions, in relation to cartel conduct concerning the international shipping of cars, trucks, and buses to Australia. NYK had also pleaded guilty in July 2016.
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