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.
The decision by President Trump on 8th May, 2018 to cease the US participation in the JCPOA and to re-impose US nuclear-related sanctions which were lifted to implement the JCPOA, is likely to have significant consequences for maritime trade with Iran and the insurance of such trade, the UK P&I Club warns.
On 8 May, US President Trump announced decision to withdraw the US from participation in the JCPOA (Joint Comprehensive Plan of Action) and to re-impose US nuclear-related sanctions, which is expected to have significant implications for shipping trade with Iran and the insurance of this trade.
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