Team size: Three

Which recent political, economic, or regulatory changes have impacted the company and the team the most?

The Covid-19 outbreak brought in a global crisis, and the pandemic had a knock-on effect in the shipping industry. A series of strict restrictions impacted the global maritime mobility: shortage of crew members, closure of ports, delays in the delivery of cargo. In these unprecedented times, in-house legal teams play a key role in safeguarding the interest of their companies. For instance, our legal team managed business continuity of the company by implementing the remote completion of sales and purchase transaction system. The recent Russian invasion in Ukraine sent out shocking waves across the world, and it also heavily affected the shipping industry in terms of coordination and transportation. Our legal team responded to this humanitarian crisis by implementing effective strategies and plans.

In what ways do you see the in-house legal role evolving in your region over the next few years?

The role of in-house counsel has evolved in this region, moving out of the traditional role as a legal advisor, its function expanded into a commercial one. In the current climate, in-house counsel are required to combine their legal knowledge and commercial awareness to react to the fast-changing environment. For the shipping community especially, the abundant experience and knowledge around the following areas of topics are expected from their in-house lawyers: conflicts, pandemics, EU/international environmental and other regulations, ballast water treaties, financings shifting away from the traditional banking sector, autonomous ships. While understanding the organisation’s value, culture and competition, in-house legal functions take the role of a strategic commercial business advisor managing business risk to secure favourable outcomes.

How has the increasing consciousness of climate change and sustainability affected the company and the team’s priorities?

As climate change and sustainability became the salient topics for debate in the shipping industry, stakeholder have taken considerable steps in recent years to put the pressure on companies to adhere to higher environmental standards. In response to the European Commission (EC)’s announcement of publication on the European Green Deal, a plan for making the EU’s economy more sustainable, maritime sector is required to ensure that they contribute to emission reductions. The International Maritime Organisation working group on greenhouse gas emissions encouraged the industry to make a short-term step first towards cutting shipping’s Co2 intensity by at least 40 percent by 2030. The company responded by adopting the Energy Efficiency Design Index yardstick for newbuilding, known as EEDI. Commercial implications, technical difficulties, and the change of relevant legislation associated with such changes will certainly affect the company’s priorities.