BALTIC EXCHANGE AND LMAA TO OFFER MEDIATION SERVICES
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 Tstasas 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.
ENDS
For further details contact:
Bill Lines, Navigate PR
T: +44 (0)20 7369 1653
E: blines@navigatepr.com
or
Simon Gault
Hon. Secretary LMAA or
Anne Wilson
Assistant Secretary LMAA
The Courtyard
124 Aldersgate Street
London EC1A 4JQ
T: +44 20 7490 7334
E: info@lmaa.org.uk
Notes to editors
Further information on mediation can be found on www.lmaa.org.uk
The Baltic Exchange
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 550 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.
LMAA
The London Maritime Arbitrators Association (the LMAA) is an association of practising maritime arbitrators. Currently made up of 33 full members, the association advances and encourages the professional knowledge of London maritime arbitrators and, by recommendation and advice, assists the expeditious procedure and disposal of disputes.
