Arbitration is a process in which a neutral third party, called an arbitrator, is appointed to resolve a dispute between two or more parties.
Arbitration is often used to resolve maritime disputes, which are disputes that arise from the shipping industry.
What is arbitration in maritime?
Arbitration in maritime is a process in which a neutral third party, called an arbitrator, is appointed to resolve a dispute between two or more parties arising from the shipping industry. This can include disputes between shippers and carriers, charterers and owners, and shipowners and insurers.
What disputes can be resolved by arbitration?
Arbitration can be used to resolve a wide range of maritime disputes, including:
- Breach of contract
- Negligence
- Damage to property
- Personal injury
- Cargo claims
- Demurrage and detention
- General average
What are the examples of arbitration in international disputes?
There are many examples of arbitration in international maritime disputes. Some notable examples include:
- The M/V Saiga arbitration, which was a dispute between the Republic of Guinea and the Marshall Islands over the seizure of a tanker by Guinean authorities.
- The NYK Bulkers arbitration, which was a dispute between NYK Bulkers and the owners of a cargo of coal over the quality of the coal.
- The MSC Mediterranean Shipping Company arbitration, which was a dispute between MSC and the owners of a cargo of containers over the loss of the containers.
Is arbitration an effective method of settling maritime disputes?
Arbitration is generally considered to be an effective method of settling maritime disputes. It is a private process that is less expensive and time-consuming than litigation. Arbitrators are typically experts in maritime law, which can help to ensure that the dispute is resolved fairly.