On 1 May, a new maritime law entered into force in China, significantly reforming maritime commerce with the first comprehensive overhaul of the existing maritime law since 1992. The new law pursues four objectives: adapting Chinese law to international conventions, aligning domestic and international transport regulations, supporting marine environmental protection, and improving the rights of passengers, cargo stakeholders, and third parties.
Carriers, cargo owners, marine insurers, P&I clubs, trade finance banks, and logistics operators are all subject to additional compliance obligations that require immediate attention.
This information has been provided to us by Asian Risks Management Services. Further details are available in the document under the link below:
We would like to thank Asian Risks Management Services for sharing this update and will circulate further information as soon as it becomes available.