Maritime Archives - Fichte & Co

Everything You Need To Know About GDPR

Are you ready for the General Data Protection Regulation (GDPR)? 10 Action Points for Compliance The deadline to comply with the European Union’s General Data Protection Regulation (GDPR) is just around the corner. In this article, we summarize the key points that you need to know about the GDPR and how you can comply with...

UAE Shipping Companies Seek VAT Exemption

The UAE has climbed to sixth place in 2017 from seventh in 2015 on the list of the future leading maritime capitals. The UAE maritime industry is seeking exemption from the value-added tax as industry falters. Maritime Executives in the United Arab Emirates are lobbying the government to reduce new value-added tax obligations, saying they...

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 28, 2018

Endofa could be stuck with million dollar claim in Dubai

A claim in Dubai of close to USD 1 million against Endofa will likely disappear because the bunker company is now closing its company in the desert state, says a local lawyer specialized in shipping. The claim stems from a failed oil transaction in Africa. Danish bunker company Endofa could be stuck with a disputed...

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...

January 10, 2018

UPDATE: FTA Releases List of Designated Zones

The Federal Tax Authority has issued Cabinet Decision no. 59 of 2017 on Designated Zones (“Cabinet Decision”) for the purposes of Federal Law no. 8 of 2017 on Value Added Tax (“VAT Law”). Art. 50 of the VAT Law had initially made references to designated zones, and Art. 51 of the Executive Regulations to the...

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...

UAE cuts ties with Qatar – Recent Developments

The UAE Ministry of Foreign Affairs issued a statement on Monday 5th June 2017 that United Arab Emirates, Saudi Arabia, Egypt and Bahrain were severing diplomatic ties with Qatar, as tensions escalate in the region over accusations that Doha sponsors terrorism. It is important that all companies based in the UAE do comply with the…

November 14, 2016

Fichte marks official opening of its new office in Abu Dhabi

Fichte & Co held a very successful launch event to mark the official opening of its new office in Abu Dhabi, Fichte & Co LLP. The office marks the next phase of the award-winning company’s expansion strategy across the Middle East, and will focus on providing the highest quality legal counsel to corporate and commercial...

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...