Standard Bulletin, December 2014

News & Insights 9 December 2014


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In this edition we cover: Bermuda board meeting, The Hon. Sir John Swan, K.B.E., J.P. reflects on 37 years of service to The Standard Club, OW bunker bankruptcy, Chinese tax changes affecting the international shipping community, The costs of US Security, Guards – owners’ negligence and charterers’ liability, and Safe passage through the Bosphorus?

In this edition we cover:

Bermuda board meeting
The club board, and the boards of its principal subsidiaries, met in Bermuda on 15 October 2014. The club’s AGM was held on the same day. On the previous day, meetings of the board’s three committees – Strategy, Nomination and Governance, and Audit and Risk – took place. We report on these and other topics. 

The Hon. Sir John Swan, K.B.E., J.P. reflects on 37 years of service to The Standard Club
Prior to and during his tenure on the board, Sir John had a celebrated life. We look back on his achievements and inspirations in this article.

OW Bunker bankruptcy
Although the OW Bunker group (OWB) only had a reported 7% share in the marine fuel supply market, OWB’s filing for bankruptcy on 7 November 2014, followed a week later by three US subsidiaries, is having an unforeseen and very immediate impact on the wider shipowning community. 

Chinese tax changes affecting the international shipping community
Recent developments in the People’s Republic of China (PRC) tax law in relation to International Transportation Business (ITB) have attracted increasing concern and attention from the international shipping community. This article offers a brief practical guide on the main aspects of the new regulations and the changes these bring about. 

The costs of US Security Guards – owners’ negligence and charterers’ liability
In the current market, disputes over liability for disbursements can mean the difference between loss and profit. 

Safe passage through the Bosphorus?
There is a constant need to draw a balance between efficiency of passage and safety – safety of the surroundings and of the vessels themselves.

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