Arresting Developments

London is the meeting point for the latest gathering of financial advisors to the International Maritime Organisation and the United Nations Conference on Trade and Development This time to discuss changing the convention covering the arrest of ships.

What has emerged from Marine Money’s investigations into the issue is that no one seems sure who is driving the impetus to change the present convention. Aging of the Convention seems to be the likely reason behind the present moves. The existing rules date back to 1952, and the revisions are intended to be limited in scope.

Even so, there have still be two conferences on the issue, the first providing a draft convention in 1985. It is not yet clear whether the group of experts meeting on October 11 and 12 will be able to complete the wording of a new convention to go forward for finalisation at a diplomatic conference. If further talks are needed, it will put a question mark over the timing of any final agreement. IMO says it has no slot available on its timetable for another diplomatic conference until 1997, and it’s not even clear that it would be able to accommodate the session even then.

This is only an excerpt of Arresting Developments

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