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Date: 19/04/2024

Exporters looking at revising contracts due to current shipping risks

Due to the recent increase in attacks on commercial ships by Houthi rebels in the Red Sea and Somali pirates in the Indian Ocean, Indian exporters, especially those who trade with Europe and countries in northern or eastern Africa, are consulting legal professionals to revise their contracts. These exporters and shipping firms are looking closely at contract clauses related to termination, indemnities, limits on liabilities and damages, and specific exceptions for losses, delays, claims, and defaults caused by unexpected events to protect the interests of both the exporters and the shipping companies. There is also a move to strengthen the clauses related to force majeure to safeguard against unforeseen disruptions. Experts have observed a trend among Indian traders to prefer trading terms like DAP (delivered at place) and FOB (free on board) to decrease marine risks. Another issue raised by maritime industry clients involves the well-being and safety of their employees aboard ships, as per a report.
 
Source: Exim News Service: New Delhi, April 18



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