PANAMA CANAL TO FURTHER REDUCE DRAFT LIMIT FOR NEOPANAMAX VESSELS
The Panama Canal will further reduce the maximum allowable draft for Neopanamax vessels from late August 2026 as water levels in Gatun Lake continue to decline.
COSCO SHIPPING COOPERATES WITH FAW GROUP TO DEVELOP THE AUTOMOTIVE SUPPLY CHAIN
Cosco Shipping - China's shipping giant - and auto manufacturer, FAW Group, have signed a strategic cooperation agreement to develop the supply chain for the automotive industry.
Under the agreement, the two sides will promote joint venture projects, explore emerging markets and develop innovative business models to provide leading solutions for the global automotive supply chain, as well as digitized supply chain ecosystem, green and smart development.
In October this year, Cosco Shipping and FAW Group signed an agreement to transfer shares and transfer 5% of the company's shares to the automaker to expand supply chain cooperation and strengthen business development in another country.
Cosco Shipping believes that the cooperation with FAW Group can further optimize the auto transport model and promote integrated development between advanced manufacturing and modern service industries.
FAW Group is the largest automobile manufacturer and seller in China, expanding its footprint in the global market and exporting new energy automotive products.
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GLOTRANS SHOWCASES INTERGRATED LOGISTICS SOLUTIONS AT MTA VIETNAM 2026
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DISPUTE OVER THE SHIPMENT OF ENZYMES IMPORTED FROM INDIA
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The Insured’s Duty to Prevent and Mitigate Losses
Company T (Plaintiff – the Insured) entered into an insurance contract with Company B (Defendant – the Insurer). After the insured event occurred, the Insurer alleged that the Insured had violated its obligation to prevent and mitigate losses. The Arbitral Tribunal acknowledged that such an obligation exists but concluded that the Insured did not breach it.
Insurance Contracts Do Not Automatically Terminate Due to Late Premium Payment
Under the insurance contract, the premium was to be paid in three installments, and in all three, the insured party was late in payment. When a dispute arose, the insurer (Defendant) argued that the insurance contract had terminated before the insured event occurred due to the late premium payment and therefore refused to make an insurance payout. However, the Arbitral Tribunal held a contrary view.