The Baltic Exchange and the London Maritime Arbitrators Association (LMAA) have teamed up to establish a mediation service for shipping and commodity related disputes.
Drawing on the experience of both senior Baltic Exchange members with hands on shipbroking expertise and LMAA mediators, the service will offer companies an alternative to arbitration and court litigation as a means of resolving disputes.
Governed by the LMAA/Baltic Exchange Mediation Terms (2009), the service will offer a flexible means of resolving disputes – mediations may be conducted either physically in one location or by video link or correspondence between the parties and the mediator.
Baltic Exchange Chief Executive Jeremy Penn said:
“Collectively Baltic Exchange members have an unrivalled experience of all aspects of commercial shipping. We expect this new service to be popular with owners, charterers and traders looking to avoid lengthy and costly legal proceedings.”
LMAA President John Tsatsas said:
“Mediation allows companies which work together regularly to come to an amicable commercial solution. Mediation is not a new concept, but has grown in popularity in recent years. It allows for creativity in resolving disputes to enable parties to continue doing business together.”
Mediators operating the service will be both Baltic Exchange members and as a minimum supporting members of the LMAA, and will be trained as mediators.
Click here to go to the Mediation Terms (2009)
Download a copy of the Mediation Terms (2009)
For further details contact:
Bill Lines, Navigate PR
T: +44 (0)20 7369 1653
Hon. Secretary LMAA
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Assistant Secretary LMAA
124 Aldersgate Street
London EC1A 4JQ
T: +44 20 7490 7334