Insurers adopt the Poseidon Principles for Marine Insurance

On 15th December 2021, six of the world’s leading marine insurers have publicly launched Poseidon Principles for Marine Insurance to keep the focus on the shipping industry’s progress towards decarbonization. In fact, this ground-breaking initiative makes marine insurance unique to establish a sector-specific methodology to support the reduction and elimination of carbon emissions. Moreover, this …

Dissolution of EMAC and its effects on the business community

On September 14 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. 34 of 2021 (“Decree”) regarding the Dubai International Arbitration Centre (DIAC). The Decree dissolves Emirates Maritime Arbitration Centre (EMAC) and replaces it with the Dubai International Arbitration Centre (DIAC), …

Is it going to be the end of abandoned vessels in UAE waters?

Recently, we have witnessed the massive development in the UAE maritime industry; the UAE has acceded to two major international conventions, namely the 1996 Protocol on Limitation of Liability (“LLMC“) and the 2001 International Convention on Civil Liability for Bunker Oil Pollution Damage (“Bunker Convention”). Further, negotiations are carried out for the ratification of the …

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