The North of England P&I Club alerted shipowners in the Middle East and India last week to the possibility of more sale and purchase disputes and a further increase in their P&I premiums.
The warnings were given in Dubai at a seminar attended by around 80 Middle-Eastern and Indian shipowners that the North of England organised in conjunction with sale and purchase experts from international shipping law firms Ince & Co and Mills & Co.
According to Katherine Birchall, the club’s associate director, “As a result of recent fluctuations in freight rates in both the dry cargo and tanker markets, we believe owners will experience increased volatility in second-hand tonnage prices, which in turn will increase the potential for disputes under sale-and-purchase contracts”.