The webinar features two information packed presentations from David Jordan, regional director Asia for Maritime Strategies International (MSI), and Toby Stephens, partner HFW, Singapore.
Jordan takes viewers through MSI’s scenario setting for the impact of COVID-19 on the major shipping sectors – dry bulk, container shipping and the tankers.
In the dry bulk part of his presentation Jordan explores how the impact of the coronavirus is not in isolation with a market which already had muted outlook.
Looking at container shipping he explores how this sector will see its first fall in trade since the Global Financial Crisis in 2009.
In the case of the tanker sector Jordan examines the twin impacts of the coronavirus and the sharp drop in oil prices and increase in supply.
Moving onto the legal impacts of the COVID-19 pandemic which result from the current market situation HFW’s Stephens zeroes in on a number of key concerns for the shipping industry.
Stephens explores the issue of Force Majeure clauses and whether there are circumstances they can be applied in the current market both relating to charter and shipbuilding contracts.
He also examines the issue of Frustration of a contract and whether this likely to arise as result of the COVID-19 outbreak.
Stephens then looks at the operational issue of unsafe ports and whether an owner can refuse to proceed to a nominated port.
Lastly he takes an overview of issues related to meeting operational and regulatory requirements such as statutory certification and the Maritime Labour Convention.