NOV
23
2023
CML Seminar Series: Mitigating Maritime Sanctions Risk
Description
In efforts to promote geostrategic objectives, regulatory authorities worldwide are increasingly implementing economic sanctions impacting commercial shipping activities. These techniques include vessel blacklists, sectoral cargo bans, commodity price caps, and targeted restrictions on maritime services. Executing these sanctions depends on industry due diligence processes undertaken by commercial actors interested in the underlying trades. To avoid sanctions exposure and generate counterparty compliance, shipping industry participants such as shipowners, charterers, and insurers have adopted contractual mechanisms to allocate sanctions risk and responsibility proactively. Recently promulgated clauses have reacted to regulatory dynamics, evolving industry practices, and lessons from judicial decisions and aim to facilitate compliance warranties and attestation, foster information sharing, and articulate recourse for sanctions and transparency breaches. This presentation examines these commercial responses. It surveys the current regulatory landscape, highlights key compliance challenges, and discusses the promises and pitfalls of emerging contractual solutions.
About the Speaker
Richard Kilpatrick is an Associate Professor of Business Law at the College of Charleston, School of Business, in Charleston, South Carolina, USA, where he teaches courses in commercial law and international business. Richard has published academic journal articles, book chapters, and essays covering various maritime and international commercial law issues. His work has appeared in leading journals, including Lloyd’s Maritime Commercial Law Quarterly, the Journal of Maritime Law and Commerce, the Journal of Business Law, and the Tulane Maritime Law Journal. Richard also regularly presents his work at conferences and invited lectures worldwide. His recent research projects examine the impact of contemporary geopolitical challenges on commercial maritime activities, including contractual adaptations to sanctions, war, terrorism, and cyber risk. Richard holds a JD from Tulane University Law School and is a member of the Illinois Bar and the Maritime Law Association of the United States (MLAS). He previously spent time in residence at CML as a Visiting Research Fellow (July – December 2017) and as an Academic Visitor (July – August 2018). He is currently a Visiting Senior Research Fellow and is in residence from 16 October to 8 December 2023.
Terms and Conditions
1. Fees are to be paid before the commencement of the event with exception of e-invoices.
2. Fees paid are non-refundable.
3. Registration is transferable within the same organisation if the request is made at least one week before the event.
4. By filling up this Registration Form,
i. Participants agree and consent that their personal data provided in this form may be collected, used, processed, and disclosed by NUS and the event organisers for the purposes of processing their registration, in accordance with the Personal Data Protection Act 2012 and all subsidiary legislation related thereto.
In respect to disclosure, NUS may disclose participants personal data to thirdparties (which may be in or outside of Singapore) where necessary for such purposes.
ii. Participants will also consent to NUS taking photographs and videos for the purposes of event reporting, marketing, publicity, and media/social media. Participants further consent to NUS disclosing such photographs and videos to third party media entities (whether in Singapore or otherwise) for publicity purposes, and NUS may identify them by name.
iii. NUS and designated event organisers reserve the right to alter any of the programme or other arrangements for this event, including cancellation or postponement of the event, should circumstances so warrant.
Date and Time
Thursday, 23rd November 2023 4:30PM GMT+08:00
to
Thursday, 23rd November 2023 6:00PM GMT+08:00
Organisation
Faculty of Law
Contact Email
cml@nus.edu.sg
Location
The Executive Centre Level 7, Capital Square, 23 Church St