Alessandro Tricoli, Author at Fichte & Co

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6 Frequently Asked Questions – COVID19 and Shipping Industry

Introduction The World Trade Organization has projected that “world trade is expected to fall by between 13% and 32% in 2020” due to the COVID-19 pandemic, as it has increased globally causing massive disruptions on the economic activity of international markets, including individuals’ lifestyles. One of the major industries shaken by this calamity is the...

August 28, 2018

A Special Analysis on the UAE Maritime Commercial Law

A special analysis on the UAE Maritime Commercial Law: The current status and what is needed to be done to improve it In line with government's vision, the UAE Federal Transport Authority ("the FTA"), being the federal entity responsible for the maritime sector, has adopted a long term strategic plan to transform the UAE into...

Time-bars, time limits and deadlines for legal cases under UAE law

A time-bar (or a statute of limitations as known under common law jurisdictions) is a statutory time limit for the enforcement of a civil claim through legal proceedings. As such a time-bar normally does not eliminate the claim, but it offers the other party an effective defence against its enforcement, thus it is a procedural...

Legal Considerations On Blockchain-Based Bill Of Lading

The utility of blockchain technology extends to trade finance and shipping, as recent developments in the shipping industry have shown. Shipping companies, technology firms, and government agencies are reportedly collaborating to use blockchain technology to better industry practices and solve existing problems. Further, there have been initial coin offerings launches to obtain funds for developing...

January 21, 2018

A Comparison: Emirates Maritime Arbitration Centre and DIFC-LCIA Arbitration Centre

Approximately 10 years after the establishment of the DIFC-LCIA Arbitration Centre (“DIFC-LCIA”), the Emirates Maritime Arbitration Centre (“EMAC”) was officially launched. Like arbitrations conducted under the auspices of the London Maritime Arbitrators Association and the Singapore Chamber of Maritime Arbitration, the establishment of the EMAC is symbolic of the UAE’s continued endeavor to keep pace...

November 27, 2017

UPDATE: The New VAT Executive Regulations

The long-awaited Draft Cabinet Decision on the Executive Regulation of Federal Decree Law no. 8 of 2017 on VAT (the “Regulations”) have recently been issued by the Federal Tax Authority. The Regulations have provided guidance on some of the provisions mentioned in the Federal Decree Law no. 8 of 2017 on VAT (the “Law”) including...

November 1, 2017

Securing a Drydocks’ Claim

Introduction Historically drydocks were seldom facing the problem of obtaining security for the work performed over a vessel. Due to a general retention right recognized nearly worldwide, the payment was in fact made before the vessel was leaving the drydocks. However, in the current market, many shipowners are asking for delayed payment terms and it is...

February 7, 2017

Judicial Tribunal rejects DIFC Court jurisdiction

In a noteworthy first decision, the Judicial Tribunal for the Dubai Court and DIFC Court (JT), established to decide conflicts of jurisdiction between the two courts, has ruled on 27 January 2017 that Daman Real Capital Partners Company LLC v. Oger Dubai LLC case should be remitted for trial by the Dubai Court, and that the...

October 22, 2016

From Flags to Finance

As a Civil law jurisdiction, UAE maritime law is derived from the UAE's Maritime Code (or specifically Federal Law No. 26/1981) but all maritime financial transactions are governed by the Commercial and Civil Codes. The Federal Transport Authority (FTA), is the Government body which is responsible for regulating and implementing daily shipping procedures, and for...

Buying a Yacht: ensure your ‘bargain’ doesn’t turn into nightmare

The Middle East now represents a significant portion of the buyers in the current yacht market. While there has been a relative slowdown in the sale of newly built yachts, there has been a renewed interest in the second hand market, with demand for superyachts continuing to rise steadily. The ongoing financial crisis has alerted...