CONTENTS
- 1. Shipping industry regulations | Shipping risks shift from ‘blockade’ to ‘cost’
- - A new form of regulation in the shipping industry emerges
- 2. Shipping industry regulations | Changes in cost structure across the shipping and energy industries
- - Gap between international law and practical reality
- 3. Shipping industry regulations | Need for a change in response strategy
- - Daeryun's assistance
1. Shipping industry regulations | Shipping risks shift from ‘blockade’ to ‘cost’
When combined with geopolitical disputes, shipping industry regulations evolve into a form that goes beyond restricting freedom of maritime passage and creates a direct cost burden on ship operations.
Despite the recent ceasefire between the United States and Iran, the traffic order in the Strait of Hormuz has not recovered to the past and is entering a new phase.
Instead of completely opening the strait, Iran is pursuing measures to limit vessel traffic and impose certain tolls.In fact, the cost of about 2 million dollars for a very large oil tanker is discussed.It is known that this is happening.
Furthermore, given that the United States is also considering joint participation in toll collection, there is a possibility that this could lead to a structural change in which the maritime transportation route itself becomes ‘tolled.’
A new form of regulation in the shipping industry emerges
This issue can be seen as a problem that changes the paradigm of shipping industry regulation itself.
First of all, the most important issue is that the Strait of Hormuz is a natural strait with a ‘right of passage’ recognized under international law.
According to the United Nations Convention on the Law of the Sea (UNCLOS), ships have the right to continue navigating in the relevant sea area without separate permission, and in principle, charging tolls is not permitted.
Nevertheless, Iran is pushing to impose tolls.In fact, it means exercising control over the strait through economic means, and this is evaluated as an attempt to conflict with the existing international maritime order.You can do it.
In addition, the method of restricting sea routes and directing people to specific routes can be seen as a measure that actually restricts the freedom of maritime traffic, so its legality under international law is likely to emerge as an important issue.
2. Shipping industry regulations | Changes in cost structure across the shipping and energy industries
If this change becomes a reality, it will inevitably have a structural impact on the shipping industry and energy market.
First of all, the cost of transporting crude oil will directly increase.The Strait of Hormuz is a key maritime passage through which about 20% of the world's crude oil traffic passes, and increased costs arising here are likely to lead to upward pressure on global oil prices.This is big.
Additionally, the response method of shipping companies and insurance companies is also an important variable. Some analyzes suggest that shipping companies and insurance companies may accept costs ahead of government-level regulatory responses, effectively solidifying this as a new practice.
In this case, tolls are not a temporary cost, but are likely to become entrenched in the permanent shipping cost structure, which could become a factor affecting the entire global supply chain.
Furthermore, if similar attempts to impose tolls spread in specific straits or sea routes, there is a risk that the principle of ‘free navigation’, which was the basic premise of maritime transportation, will be weakened.
Gap between international law and practical reality
A key feature of this issue is that although the imposition of toll fees is clearly problematic legally, there is a possibility that it will be accepted in the actual market.
Even if it is illegal under international law, companies have no choice but to make realistic choices in situations where alternatives to maritime logistics are limited.
In this caseIn the future, disputes are likely to spread not only between countries, but also into various civil and commercial disputes, such as contractual cost transfer, transportation contract changes, and insurance condition adjustment.There is this.
In particular, for companies that have entered into long-term transportation contracts or fixed-term charter parties, the issue of interpretation of who will bear the additional costs is likely to emerge as a new dispute issue.
3. Shipping industry regulations | Need for a change in response strategy
This case shows that the shipping industry is a complex industry that combines political, military, and legal risks.
Therefore, companies need to comprehensively consider the following factors:
- Inspection of maritime transport contract structure
- Review liability sharing provisions in case of additional costs
- Check insurance terms and indemnity coverage
- Establishment of supply chain diversification strategy reflecting geopolitical risks
Daeryun's assistance
Daeryun, the 9th largest law firm in Korea (based on 25 years of value-added tax reporting to the National Tax Service), is a collaboration of customs experts and lawyers with customs broker qualifications.Supports strategic response to complex legal risks arising in the shipping industry based on integrated advisory capabilities encompassing the fields of international trade, maritime and logistics, and energyI'm doing it.
In particular, we provide practical advice on key legal issues faced by shipping and energy companies, such as review of maritime transportation contracts, design of freight and additional cost sharing structures, response to international sanctions and trade regulations, and analysis of insurance and damage compensation risks.
In addition, we provide systematic legal services throughout the entire process, from proactive review to dispute response, for supply chain changes due to geopolitical risks, contract disputes, and cost transfer issues.
In addition, we are able to carry out cross-border work based on business agreements (MOUs) with local law firms in major overseas countries, and we are building an integrated advisory system that reflects the legal system and regulatory environment of each country.
This enables rapid and consistent response to cross-border legal issues such as international strait traffic regulations, sanctions risks, and overseas contract disputes.
In addition, we provide systematic legal services throughout the entire process, from proactive review to dispute response, for supply chain changes due to geopolitical risks, contract disputes, and cost transfer issues.
As the shipping industry is an area where regulations and markets operate simultaneously, legal review and strategy establishment at the early stage have a direct impact on the company's profit and loss structure.It can affect you.
If you need specific response regarding this matter 🔗Customs Lawyer Legal Consultation ReservationWe hope you will establish a more stable foundation for business operations through this.
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