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CHAPTER 3 Of terrorists, pirates, foul weather and other perils to international trade: The commercial allocation of risk under time charters, with particular reference to issues of maritime security

Charterparties: Law, Practice and Emerging Legal Issues

Page 47 3 Of terrorists, pirates, foul weather and other perils to international trade: The commercial allocation of risk under time charters, with particular reference to issues of maritime security Of terrorists, pirates, foul weather and other perils to international trade: The commercial allocation of risk under time charters, with particular reference to issues of maritime security Nigel Cooper QC 1 3.1 Introduction The shipping industry is currently facing a period of significant challenge on all fronts. Economically, the markets are difficult and remain depressed with a number of high profile casualties, most recently Hanjin. Politically, piracy remains a high risk, albeit one with a shifting geographic emphasis. The refugee crisis, particularly in relation to Syria and the surrounding region, continues to dominate the news. And, as if this was not enough, the incidence of cyber-crime in relation to shipping has reached such levels that BIMCO and other industry organisations have issued guidance on cyber-risk for ship Owners and operators.

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