The London Maritime Arbitrators Association (LMAA) has recently published its statistics for 2020. These figures show steady growth in London-seated arbitration under the LMAA Terms, which remain as popular as ever for the resolution of disputes in the maritime and offshore sectors, as well as other related commercial sectors.
Following a number of stagnant years in the maritime industry following the global financial crisis in 2008, in recent years an increasingly active market in the maritime industry has seen a resurgence in the number of disputes and referrals to London arbitration. The latest LMAA figures reflect this continuing trend, with an increase in arbitration appointments and new cases in 2020. The LMAA figures continue to eclipse those of other leading jurisdictions for arbitration, such as Singapore, showing that London remains the preferred venue for arbitration.
Unsurprisingly, due to the Covid-19 pandemic, 2020 saw a decline and some delay in awards being published (particularly awards following an oral hearing) and it is likely that a number of awards due to be handed down in 2020 have been deferred to 2021.
We have also seen a number of new arbitrators emerging in recent years, which has increased the depth of talent and pool of knowledge for clients who wish to resolve their disputes in a fair and equitable manner.
The 2020 LMAA statistics can be found in the following link: https://lmaa.london/wp-content/uploads/2021/02/Statistics-2020-For-Website.pdf