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News & insights on Commodities & Trade

Insights / Court finds inspector’s certificate final and binding for limited purposes only

13-07-2020 / Commodities & Trade

In this case, the Court found that two different terms relating to cargo quality certificates in a sale contract for high sulphur fuel oil did not conflict.

Court finds inspector’s certificate final and binding for limited purposes only

News / ICC Incoterms 2020

13-09-2019 / Commodities & Trade

The International Chamber of Commerce (“ICC”) has announced the publication of Incoterms 2020. This is the first update to Incoterms since they were last revised in 2010. The new rules become effective from 1 January 2020.

ICC Incoterms 2020

News / Ince lawyers featured in this months issue of Marasi News

29-07-2019 / Commodities & Trade

In this month’s issue of Marasi News, Rania Tadros, Managing Partner and Natalie Jensen, Managing Associate, from our Ince Dubai office have written an article on war risks and the implications of trading in listed areas following the Joint War Committee’s decision to add the Persian Gulf and parts of the Arabian Gulf, including the Gulf of Oman, Oman and the UAE, to its Listed Areas for Hull War, Piracy, Terrorism and related perils. This is a topic that has become very significant and has far reaching consequences to the maritime industry, in particular Shipowners, Charterers and Traders in the region.

Ince lawyers featured in this months issue of Marasi News

News / Iran sanctions update - June 2019

14-06-2019 / Commodities & Trade, Insurance

Iran sanctions - Escalating tensions

Iran sanctions update - June 2019

News / Liabilities for automated warehousing and distribution centres

25-02-2019 / Commodities & Trade

The growth in e-commerce has brought the efficiency of warehousing and distribution centres to the fore. Rather than being bottle-necks and costs centres, warehouses are increasingly being seen as an asset, providing opportunities for value-added services and cost efficiencies.

Liabilities for automated warehousing and distribution centres

News / Consolidation and Integration in the Logistics and Shipping Industries

25-02-2019 / Commodities & Trade

Those who live in Hong Kong are familiar with the city’s giant conglomerates – your lunch, your phone service, your clothes and your flat may all be from the same group of companies. The same may soon become commonplace in the logistics and transport industries. In a world where countries are attempting to withdraw from multilateral engagements and build walls on the border, some major players in the logistics and transport industries are doing the opposite by integrating their businesses.

Consolidation and Integration in the Logistics and Shipping Industries

News / Anti-globalisation and its effect on supply chains

25-02-2019 / Commodities & Trade

Following the 2008 crash, the world has seen a steady rise in anti-globalisation and populist sentiment, with free trade being blamed for everything from rising unemployment and decreased wage growth to rising immigration and forced technology transfer. This has led to a rise in protectionist measures in economies across the globe with Global Trade Alert finding that since 2008 there have been in excess of 1,000 protectionist measures implemented globally. These range from increased tariffs, subsidies and non-tariff barriers to export bans.

Anti-globalisation and its effect on supply chains

News / CILTHK Logistics Newsletter February 2019

25-02-2019 / Commodities & Trade

The CILTHK Logistics Newsletter is a collaborative publication with The Chartered Institute of Logistics and Transport in Hong Kong with the key objective to share insightful information and examine legal developments concerning the logistics sector.

CILTHK Logistics Newsletter February 2019

News / Big Data Collection for Smart Mobility vs Privacy Concern - Is There a Golden Mean?

25-02-2019 / Commodities & Trade

In December 2017 Hong Kong’s Innovation and Technology Bureau launched its Smart City Blueprint setting out the steps that would need to be taken to develop Hong Kong into a Smart City. The Smart City initiative is divided into 6 key sectors: Smart Mobility, Smart Living, Smart Environment, Smart People, Smart Government and Smart Economy.

 Big Data Collection for Smart Mobility vs Privacy Concern - Is There a Golden Mean?

News / Ince Co appoints new partner in Monaco

01-10-2018 / Commodities & Trade, Maritime

International Law firm Ince Co is pleased to announce the promotion of Marco Crusafio, in the Monaco office, a highly experienced dispute resolution lawyer, to the Partnership on 1 October 2018

Ince  Co appoints new partner in Monaco

News / Relevance of sub-sale contract in assessing damages for non-delivery

19-09-2018 / Commodities & Trade

Euro-Asian Oil SA v. (1) Credit Suisse AG and others [2018] EWCA Civ 1720 The Court of Appeal has considered when the market measure of damages will be displaced in cases of non-delivery of goods.

Relevance of sub-sale contract in assessing damages for non-delivery

News / Arbitration appeal? Don’t delay

28-06-2018 / Commodities & Trade, Energy & Infrastructure, Maritime

Appeals to the English court from an arbitration award must be brought within 28 days of the date of the award. Time can be extended if the award requires correction to enable an appeal but minor corrections using the “slips rule” cannot be relied upon to extend the strict 28 day period (and nor do uncorrected minor typos create a bar to seeking an appeal), as was confirmed by Daewoo Shipbuilding & Marine Engineering Company Limited v Songa Offshore Equinox and another[2018] EWHC 538 (Comm).

Arbitration appeal? Don’t delay

News / Qatar Diplomatic Crisis

04-06-2018 / Aviation & Travel, Commodities & Trade, Energy & Infrastructure, Insurance, Maritime

Qatar Sanctions: the Anniversary 5 June 2018 marks the one year anniversary of “sanctions” against Qatar introduced by UAE, KSA, Bahrain, Egypt and a number of other nations.

Qatar Diplomatic Crisis

News / Snap back of the US sanctions against Iran: impact on businesses in the Middle East

29-05-2018 / Commodities & Trade

On 8 May 2018 the President of the United States announced his decision to re-impose nuclear-related sanctions against Iran. By way of reminder, the US and the EU sanctions programme against Iran were lifted by the Joint Comprehensive Plan of Action (JCPOA) on its Implementation Date of 16 January 2016. Following the US President’s announcement, the EU participants confirmed their commitment to the JCPOA and have since indicated that they would rely on the “blocking statute” to minimize the impact of the US sanctions on EU companies.

Snap back of the US sanctions against Iran: impact on businesses in the Middle East

News / Legal update: Contract formation and termination

29-05-2018 / Commodities & Trade

We look at two recent cases highlighting Formation of a contract or settlement agreement and Termination of a contract - contractual v. common law right.

Legal update: Contract formation and termination

News / Liability issues in cold chain transportation

29-05-2018 / Commodities & Trade, Maritime

Imagine the scenario: A shipper has arranged for a cargo of frozen food goods to be shipped from Europe to Asia by sea. On arrival in Asia, the goods are found to be defrosted and no longer fit for human consumption. On closer inspection, it becomes clear that the reefer container temperature was set at +10°C rather than -10°C as instructed to the Carrier in the booking note. The consignees claim under their cargo insurance and the cargo underwriters sue the Carrier under the sea waybill to recover the losses. The Carrier wants to know what, if any, defences it has to the claim.

Liability issues in cold chain transportation

News / CILTHK Logistics Newsletter May 2018

29-05-2018 / Commodities & Trade

The CILTHK Logistics Newsletter is a collaborative publication with The Chartered Institute of Logistics and Transport in Hong Kong with the key objective to share insightful information and examine legal developments concerning the logistics sector

CILTHK Logistics Newsletter May 2018

News / Court of Appeal approves enforcement of Chinese arbitration award despite allegations of fraud

17-05-2018 / Commodities & Trade

RBRG Trading (UK) Limited v. Sinocore International Co Ltd [2018] EWCA Civ 838 The Court of Appeal has dismissed an appeal against the Commercial Court’s decision to permit enforcement of a Chinese arbitration award, notwithstanding allegations that the underlying claim was tainted by fraud.

Court of Appeal approves enforcement of Chinese arbitration award despite allegations of fraud

News / 6th Ince Beijing Shipping Trade Seminar - Mock Arbitration 22 May 2018

26-04-2018 / Commodities & Trade, Maritime

Ince Co Beijing Office will host its 6th Shipping Trade Seminar Mock Arbitration Event on Tuesday, 22 May, 2018

6th  Ince Beijing Shipping  Trade Seminar - Mock Arbitration  22 May 2018

News / China’s New Single Window Platform

05-02-2018 / Commodities & Trade

In 2017, the Chinese authorities announced a number of key reforms to customs procedures that on their face, look to facilitate the movement of goods across Chinese borders. One of the major announcements was the national roll out of a “standard” Single Window system. This article looks at the changes this brings to the old system and the implications for traders.

China’s New Single Window Platform

News / CILTHK Logistics Newsletter February 2018

05-02-2018 / Commodities & Trade

The CILTHK Logistics Newsletter is a collaborative publication with The Chartered Institute of Logistics and Transport in Hong Kong with the key objective to share insightful information and examine legal developments concerning the logistics sector.

CILTHK Logistics Newsletter February 2018

News / Qatar sanctions

12-12-2017 / Commodities & Trade

The end of 2017 is a good time to re-visit the sanctions against Qatar put in place in June by UAE, KSA, Bahrain, Egypt and others Since our last update in July 2017 the position has not changed substantively but the following should be noted

Qatar sanctions

News / Brexit: "Phase 1", the joint commitments, and Northern Ireland

08-12-2017 / Commodities & Trade

An overview of the joint commitments agreed between the UK and EU and the legal, economic, and political challenges posed by the Irish border to a final Withdrawal Agreement.

Brexit: "Phase 1", the joint commitments, and Northern Ireland

News / Supreme Court finds debt created under letter of credit is situated where debtor resident

20-11-2017 / Commodities & Trade

Taurus Petroleum v SOMO 2017 UKSC 64The Supreme Court has recently issued judgment in this matter concerning an attempt to enforce an arbitration award in London by obtaining a third party debt order over sums payable to the debtor under letters of credit issued by a London bank in respect of unrelated transactions

Supreme Court finds debt created under letter of credit is situated where debtor resident

News / The post-Brexit transitional period: Bridge over troubled negotiations?

16-10-2017 / Commodities & Trade

One fundamental fear haunts the advocates of Brexit: it is that, despite their victory in the June 2016 Referendum, the result will be whittled down step by step, agreement by agreement, until the UK remains in the EU or does so in all but name by accepting quasi-EU arrangements. In Guiseppe di Lampedusa’s famous novel of an aristocratic Sicilian family trying to survive Garibaldi’s revolution, the hero, Prince Fabrizio, pretends to support the end of feudalism, trusting that his subjects will nevertheless continue to respect the traditional ways – “Se vogliamo che tutto rimanga come è, bisogna che tutto cambi”.  If we want things to stay as they are, everything will have to change.

The post-Brexit transitional period: Bridge over troubled negotiations?

News / Recovering hedging losses

02-10-2017 / Commodities & Trade

Vitol SA v Beta Renowable Group SA 2017 EWHC 1734 (Comm) In volatile commodities markets such as the oil and metals industries, prices of commodities tend to fluctuate significantly in a short span of time It has, therefore, become common practice for commodity traders in these markets to minimise the risk of substantial losses in their physical sale and purchase transactions by entering into hedging arrangements

Recovering hedging losses

News / Su Yin Anand and Nicholas Tam discuss a breach of sanctions for Siemens

22-09-2017 / Commodities & Trade

Ince Co Partner, Su Yin Anand and solicitor, Nicholas Tam were recently featured in Lloyd's List In their article Vigilance is vital over international sanctions breaches', they explore the implications for Siemens of their Russian client breaching not only contractual obligations but also sanctions imposed by the international community This occurred when their client diverted four gas turbines to Crimea, with their planned destination having been a power plant in southern Russia

Su Yin Anand and Nicholas Tam discuss a breach of sanctions for Siemens

News / Ince Co wins acquittal for China Resources Logistics in criminal proceedings following container terminal incident

06-07-2017 / Maritime, Insurance, Commodities & Trade

Rosita Lau, Ince Co partner based in Hong Kong, and her team have recently achieved significant victory in successfully defending criminal charges against China Resources Logistics Co, Ltd, a major integrated logistics service provider in Hong Kong and a member of the conglomerate China Resources Group The prosecution arose out of a widely-reported incident in 2015 in which a front loader engaged to carry out container stacking operation collapsed at China Resources' containers terminal in Hong Kong, resulting in the total loss of the front loader and substantial loss and damage to cargoes contained in a number of containers at the terminal which all fell into the sea, as well as personal injuries to the operator

Ince  Co wins acquittal for China Resources Logistics in criminal proceedings following container terminal incident

News / Ince Co advises shipping companies to plan for prolonged Qatar disruption

13-06-2017 / Maritime, Commodities & Trade

Uncertainty remains over Suez Canal access and transhipment options

Ince  Co advises shipping companies to plan for prolonged Qatar disruption

News / Qatar: June update

06-06-2017 / Aviation & Travel, Commodities & Trade, Maritime

On 5 June 2017, Bahrain, Saudi Arabia, the United Arab Emirates (UAE) and Egypt severed tied with Qatar and required the closure of land, sea and air borders Since then a number of other countries have also joined these states in adopting such measures The reason for these measures is stated to be the belief that Qatar has been supporting extremist groups and has not complied with the Riyadh Agreement of 2014

Qatar: June update

News / BRANCHED TO TRAINING Cyberattacks make companies and governments WannaCry

15-05-2017 / Cyber Security, Aviation & Travel, Energy & Infrastructure, Insurance, Commodities & Trade, Maritime

Whilst the reaction from both mainstream and social media was one of shock at the extent of this weekend's global cyber-attack, for those working within cyber-security it came as little surprise

BRANCHED TO TRAINING Cyberattacks make companies and governments WannaCry

News / Brexit Updates

10-04-2017 / Commodities & Trade, Energy & Infrastructure, Insurance, Maritime

On 8 December 2017, negotiators for the European Union and United Kingdom issued a joint report confirming that the parties have reached an agreement in principle across the following three areas under consideration, which together form the first phase of Brexit negotiations:

Brexit Updates

News / The EU27 set out their negotiating strategy for Brexit negotiations

07-04-2017 / Commodities & Trade

On 29 March 2017, the UK sent a formal notice of withdrawal from the European Union by triggering the process envisaged by Article 50 of the Lisbon Treatynbsp

The EU27 set out their negotiating strategy for Brexit negotiations

News / The life and times of Gilbert-Ash, the latest chapter – Scottish Power

23-02-2017 / Commodities & Trade, Energy & Infrastructure

Nice snappy quotes from cases can be hard to find. Which is perhaps why the words of Lord Diplock in Gilbert–Ash1 that  

The life and times of Gilbert-Ash, the latest chapter – Scottish Power

News / UK introduces new million pound penalties for breach of sanctions

02-02-2017 / Commodities & Trade

On 31 January 2017, the UK introduced legislation imposing new monetary penalties for serious breaches of financial sanctions The relevant part of the Policing and Crime Act 2017 has not yet come into force but is expected to do so in April 2017 and, once it does, it will give power to the Office of Financial Sanctions Implementation (OFSI) to impose monetary penalties up to a significant permitted maximum for breaches of the regulations

UK introduces new million pound penalties for breach of sanctions

News / Brexit update Supreme Court rules on its constitutional implications

24-01-2017 / Commodities & Trade

January 2017 has produced two landmark events in the Brexit process the first was the UK Prime Minister's speech on 17 January, outlining the British government's strategy for the Brexit negotiations with the remaining 27 EU Member States (EU27) and the second was the UK Supreme Court's ruling on the constitutional aspects of Brexit procedure issued on 24 JanuarynbspnbspThis Ince amp Co update analyses the implications of these two events which will have a profound influence on the negotiations between the EU and the UK over the next two years

Brexit update Supreme Court rules on its constitutional implications

News / New legal challenge to Brexit

05-12-2016 / Commodities & Trade

A new challenge has emerged against the UK Government’s plans for Brexit. “British Influence”, a lobby group campaigning for UK access to the European Union (EU) single market, has addressed a formal request to the British Government (“HMG”) to clarify its position on whether the UK’s withdrawal from the EU will, in HMG’s view, also involve withdrawal from the European Economic Area (EEA), which is an agreement between the EU Member States and three member states of the European Free Trade Association (EFTA), namely Norway, Iceland and Liechtenstein, giving them access to the EU single market.

New legal challenge to Brexit

News / One Belt One Road (OBOR)

27-10-2016 / Commodities & Trade, Energy & Infrastructure, Maritime

One Belt One Road (OBOR) is arguably the most ambitious and controversial capital and infrastructure project of the 21st century Led by the government in China this long term investment will involve 65 countries and impact 44 billion people

One Belt One Road (OBOR)

News / Following terrorist threats, a new French law strengthens maritime security mechanisms

19-10-2016 / Commodities & Trade, Maritime

The law n°2016-816 aimed at enhancing “blue growth” has been enacted on 20 June 2016 to adapt the French regulations to the new safety and economic issues in the maritime world. At the time of the generalisation of terrorist threats, lawmakers have notably reinforced the rules regarding maritime security.

Following terrorist threats, a new French law strengthens maritime security mechanisms

News / Ince Co continues to grow its transactional partner capability

05-09-2016 / Energy & Infrastructure, Maritime, Commodities & Trade

Intro text

Ince  Co continues to grow its transactional partner capability

News / Brexit begins What are the implications for your business

24-06-2016 / Commodities & Trade, Energy & Infrastructure, Insurance, Maritime

On 23 June 2016, the UK electorate voted to leave the European Union by 51.9% to 48.1%. This will start a process with profound political, economic and social consequences for the UK and its neighbouring European countries. While some constitutional experts have expressed doubt that a Referendum vote is legally binding on a UK Government, there is no doubt that, politically, the present UK Government has no option but to respect the popular will and start the process for the UK to leave the EU. The 2016 Conservative Party leadership election occurred as a result of David Cameron's resignation as leader following the European Union Referendum. Theresa May won the contest on 11 July 2016 after the withdrawal of Andrea Leadsom left her as the sole candidate. She thus succeeded Cameron as leader of the Conservative Party and Prime Minister of the United Kingdom and immediately made sweeping changes to the cabinet. These changes included appointing a Brexit team led by David Davis as a new EU Exit Secretary, with Boris Johnson as Foreign Secretary and Liam Fox as International Trade Secretary. The high court has been told that Theresa May will not trigger article 50 of the Lisbon Treaty to initiate the UK’s departure from the European Union before the end of 2016. If Article 50 of the Lisbon Treaty is invoked in January 2017, the withdrawal negotiations are unlikely to be completed before January 2019. An extension to the two year period will have to be agreed by the remaining 27 EU Member States (by unanimity) and the UK.

Brexit begins What are the implications for your business

News / Hong Kong on the frontline in enforcing new North Korea sanctions

14-03-2016 / Commodities & Trade

Hong Kong has become one of the first jurisdictions to enforce the new, enhanced sanctions regime against North Korea pursuant to UN Security Council Resolution 2270 (the “Resolution”) passed on 2 March 2016.

Hong Kong on the frontline in enforcing new North Korea sanctions

News / UN extends sanctions against North Korea

02-03-2016 / Commodities & Trade

As a result of the recent nuclear and missiles tests carried out by the Democratic People's Republic of Korea (North Korea), the United Nations Security Council has today passed UN Security Council resolution 2270 (2016), nbspimposing further and tougher sanctions on North Korea

UN extends sanctions against North Korea

News / GAFTA default clause and assessment of damages: Supreme Court hands Sellers a golden victory

29-01-2016 / Commodities & Trade

The Supreme Court has recently ruled that the Buyers under a sale contract on GAFTA 49 terms could only recover nominal damages for the Sellers’ wrongful cancellation of the contract. A Russian legislative embargo on the export of wheat having been announced, the Sellers wrongfully purported to cancel the contract prematurely before the end of the shipment period. As it transpired, the embargo was maintained throughout and beyond the shipment period, such that if the Sellers had not acted prematurely, they would have been contractually entitled to cancel the contract at the end of the shipment period. The Supreme Court unanimously held that, on its true construction, the GAFTA default clause did not entitle buyers to recover significant damages for sellers’ breach of contract where they had suffered no loss as a result of that breach.

GAFTA default clause and assessment of damages: Supreme Court hands Sellers a golden victory

News / International Trade and Commodities Legal Update January 2016

29-01-2016 / Commodities & Trade

I am delighted to introduce the latest issue of our International Trade and Commodities Legal Update, a bi-annual publication providing our trading clients with an update on important legal decisions and developments relating to trading, trade finance, shipping and related topics

International Trade and Commodities Legal Update January 2016

News / EU and UN sanctions on Iran lifted

19-01-2016 / Commodities & Trade, Energy & Infrastructure, Maritime

On 16 January 2016 the EU and UN nuclear-related economic and financial sanctions against Iran were terminated in line with the Joint Comprehensive Plan of Action (JCPOA) agreed between Iran, the EU, and the “P5+1” (permanent UN Security Council members France, China, Russia, the UK and the US ‘plus’ Germany) in July 2015. This included the delisting of many UN and EU entities and individuals. US secondary legislation imposing nuclear-related economic sanctions have also been suspended.

EU and UN sanctions on Iran lifted

News / Supreme Court shifts test away from “genuine pre-estimate of loss” but declines to abolish rule against penalties

17-11-2015 / Commodities & Trade

Cavendish Square Holding BV v. Talal El Makdessi; ParkingEye Limited v. Beavis [2015] EWSC 67

Supreme Court shifts test away from “genuine pre-estimate of loss” but declines to abolish rule against penalties

News / Sanctions relief agreed under Joint Comprehensive Plan of Action

12-10-2015 / Commodities & Trade, Maritime

On 14 July 2015, after almost two years of discussions, China, France, Germany, the Russia Federation, the UK and the US reached agreement with the Islamic Republic of Iran to lift sanctions in exchange for Iran restricting its nuclear programme to purely peaceful purposes.

Sanctions relief agreed under Joint Comprehensive Plan of Action

News / Do cancellation rights under voyage charterparty survive variation of load port

25-06-2015 / Commodities & Trade, Maritime

St Shipping & Transport Inc v. Kriti Filoxenia Shipping Co SA [2015] EWHC 997 (Comm) (MT Kriti Filoxenia) The Commercial Court has considered whether cancellation provisions in the BEEPEEVOY3 charterparty form were applicable in the event of re-nomination of a load port by charterers under the charter. In this case, the Charterers re-nominated the load port which the Owners were not able to reach by the cancellation date. The Charterers cancelled the charterparty. In arbitration proceedings, the Tribunal found that the cancellation provisions were not applicable where the Charterers had exercised the contractual option to re-nominate a load port. The Charterers appealed the decision to the Commercial Court, which upheld the findings of the Tribunal and dismissed the appeal.

Do cancellation rights under voyage charterparty survive variation of load port

News / Repo transactions - implications for traders and financing banks when the goods cannot be delivered

26-05-2015 / Commodities & Trade

Mercuria Energy Trading Pte Ltd and another v. Citibank NA & another [2015] EWHC 1481 (Comm) The Commercial Court has recently issued judgment in the first round of litigation between commodities trader Mercuria and Citigroup, following the reported fraudulent use of the same stockpiles of metal commodities stored at Qingdao Port, China as collateral for multiple loans. This is the second judgment from the English courts arising out of the widely reported alleged fraud, and comes after the decision in Impala v. Wanxiang, in which a warehouse operator successfully obtained an anti-suit injunction preventing a commodities trader from continuing proceedings against it in China.

Repo transactions - implications for traders and financing banks when the goods cannot be delivered

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