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04-05-2023 / Commodities & Trade, Energy & Infrastructure, Hospitality & Leisure, Maritime, TMT

KSA has been actively pursuing economic diversitication for investors to do business in the Kingdom. The first Special Economic Zone has now been established, with special commercial regulations.

10-03-2023 / Commodities & Trade

In this dispute arising out of the contamination of a cargo of crude oil, the Court considered whether and the extent to which the parties’ settlement agreement limited the buyer’s right to claim reimbursement for storage fees.

20-02-2023 / Commodities & Trade

In a dispute arising under sale contracts for unleaded gasoline, the Court has held that the buyer’s claims in unjust enrichment for money had and received were time-barred.

07-02-2023 / Commodities & Trade

The Court of Appeal has considered, for the first time, the correct method of assessing damages in accordance with Default Clause 25(c) of GAFTA Contract No.24. In doing so, the Court of Appeal emphasised the compensatory principle underlying the award of damages under English law.

22-11-2022 / Commodities & Trade

Heytex Bramsche GmbH v. Unity Trade Capital Ltd [2022] EWHC 2488 (Ch) The Court has rejected a finance company’s contention that the documents presented under a letter of credit (LC) that it had issued were discrepant, rendering the LC void. Among other things, the issuer had sought to argue that the standard UCP 600 terms that were incorporated into the LC had been modified and overriden by additional terms, such that the documents were discrepant. The Court, however, emphasised that clear notice would have to be given to effectively incorporate such additional terms which were a clear departure from the UCP 600 and which conflicted with the commercial nature of a LC. Here, any notice given was insufficient and the issuer remained liable under the terms of the LC.

18-02-2022 / Commodities & Trade

Addax Energy S.A. v. Petro Trade Inc. [2022] EWHC 237 (Comm) In a dispute arising out of the supply of petroleum products, the English Court has dismissed a challenge to its jurisdiction, finding that the claimant supplier had a good arguable case that an English jurisdiction clause was incorporated into an alleged oral agreement by way of course of dealing. In doing so, the Court confirmed that the evidence required to establish a course of dealing need not be extensive or consistent to meet the relevant legal test.

18-02-2022 / Commodities & Trade, Maritime

In a recent ruling, the European Court of Justice (“ECJ”) was asked to consider the interpretation of Article 5 of EC Regulation No. 2771/96 of 22 November 1996 (commonly referred to as the “Blocking Regulation”) in relation to the termination, by a German telecoms company, of a contract with a bank subject to US sanctions.

12-01-2022 / Commodities & Trade

This commodities dispute highlights the importance of drafting a notice of arbitration carefully to ensure that it covers all the disputes that are intended to be referred to arbitration.

04-08-2021 / Commodities & Trade

PBO v. DONPRO & others [2021] EWHC 1951 (Comm)

24-06-2021 / Commodities & Trade

BP Oil International Limited v. (1) Vega Petroleum Limited & (2) Dover Investments Limited [2021] EWHC 1364 (Comm)

01-03-2021 / Commodities & Trade

Black Sea Commodities Ltd v. Lemarc Agromond Pte Ltd [2021] EWHC 287 (Comm)

10-01-2021 / Commodities & Trade

In its first circular of 2021 the UAE Ministry of Energy and Infrastructure has announced the reopening of airspace and sea / land borders with Qatar.

30-12-2020 / Commodities & Trade

The new Chinese Civil Code (the “Code”) has been passed by the 13th National People’s Congress on 28 May 2020 and is due to come into force on 1 January 2021.

02-12-2020 / Commodities & Trade

The recent spate of allegations of fraud or foul-play that have rocked Singapore’s beleaguered commodities market.

21-09-2020 / Commodities & Trade

Alegrow S.A. v. Yayla Agro Gida San Ve Nak A.S. [2020] EWHC 1845 (Comm)

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.

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.

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.

14-06-2019 / Commodities & Trade, Insurance

Iran sanctions - Escalating tensions

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.

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.

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.

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.

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.

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

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.

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).

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.

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.

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.

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.

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

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.

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

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.

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.

31-12-2017 / Commodities & Trade

In its first circular of 2021 the UAE Ministry of Energy and Infrastructure has announced the reopening of airspace and sea / land borders with Qatar.  We understand that all previous measures taken with respect to Qatari owned vessels and cargo will also be lifted and relations will resume as normal.

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.

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

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.

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

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

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

13-06-2017 / Maritime, Commodities & Trade

Uncertainty remains over Suez Canal access and transhipment options

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

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

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:

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

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  

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