Hormuz contract disputes shaping up as huge issue for shipping and marine insurance
Contract disputes in the Strait of Hormuz are reshaping global shipping and marine insurance, as on-hire/off-hire status, demurrage, war risk premiums and Iranian toll payments collide with sanctions and benchmark uncertainty.
General Average: Managing the Process and Protecting the Recovery
General Average is one of the oldest principles of maritime law. It is an equitable doctrine that shares among property owners of the assets involved in maritime adventures the cost of extraordinary sacrifices or expenses incurred to avert a peril threatening the whole voyage. This article explains how it works, how to manage the process, and how shipowners can protect their interests – from the moment General Average is declared through to the final recovery of contributions.
Force Majeure Declaration: Total Work Stoppage at Strait of Hormuz and Fujairah Ports
Labco Marine has invoked its Force Majeure clause after a total work stoppage at the Strait of Hormuz and Fujairah ports, affecting regional cargo operations.
Economic Sanctions Regulations on New Shippers
Labco Marine requires customers to ensure that all parties, vessels, and shipper-owned containers involved in shipments comply with international sanctions regulations, avoiding any connection to sanctioned entities or high-risk jurisdictions.
Labco Marine Completes Bunkering Operation in Singapore port as an MPA-licensed Methanol Bunker Supplier
Labco Marine completed a methanol bunkering operation in Singapore, delivering 300 MT in full TR129 compliance, supporting the shift toward cleaner marine fuels.
Euro Tank Terminal (ETT) and Labco Marine sign three-year agreement.
In addition to the regular maintenance work and the ETT2 and ETT4 projects in 2018, several tank bottoms have also been fitted with new tank linings in the interim.