MARINE CARGO CLAIMS:

www.akabogulaw.com

THE AKABOGU & ASSOCIATES WIN-WIN DEAL

Presented
By

Akabogu & Associates is a law firm specialising in maritime, petroleum, logistics and international trade laws.

www.akabogulaw.com

DISCLAIMER BE WARNED

This presentation is not intended to replace and is not a substitute for professional advise in respect of the subject matter it covers. It is advised that you consult a qualified solicitor for advice in respect of any specific issues or circumstances arising from or related to the subject of the presentation.

www.akabogulaw.com

CRUNCHING THE NUMBERS

Last years imports:

817,246 TEUs 231,423 Vehicles

www.akabogulaw.com

Damage, delay or loss incidents affecting at least 40% of these Average value of one TEU = $75,000.00 Average value of one Vehicle = $12,000.00 Average Loss in TEUs imported = 817,246 x $75,000x0.4 = $24.5billion Container deposit Fees = 817,246 x 80,000 = N65.4billion 30% (N19.6billion) retained for various reasons Balance (N45.8billion) paid after minimum of two month delay with 10% interest accrual Minimum pay-out to shipping companies on container deposits = N4.5billion

A RADICAL NEW REGIME

In 2005, after years of advocacy, the Hamburg Rules were domesticated into the laws of Nigeria. It radically redefines the claims regime that governs the relationship between the carrier and the cargo interest. Before it was the regime of the Hague rules, which by some error, was not repealed

www.akabogulaw.com

HAGUE RULES HIGHLIGHTS

Applicable only to Bills of lading or similar contracts of carriage Governs only outward or in-country carriage, not inbound Covers only tackle to tackle Time to bring action limited to one year Limitation & exclusion of liability Burden of proof on shipper Raft of exceptions in favour of carrier

www.akabogulaw.com

HAMBURG RULES HIGHLIGHTS

Hamburg Rules signed into law in 2005 Brings encouraging new options for cargo claimants

www.akabogulaw.com

Governs both inward and outward cargo Covers any carriage contract against payment of freight Governs entire period when carrier is in control of cargo, not just tackle to tackle Two years limitation period to commence suit Burden of proof on carrier Places premium on fault of carrier as opposed to exceptions

GENERAL IMPLICATIONS
It should now be easier to recover from carriers in respect of fault-based damage, loss or delay of cargo It encourages increased diligence on the part of the carrier to take care of cargo and avoid claims Both ways, it translates to increased revenues for insurance companies by way of recoveries or savings

www.akabogulaw.com

THE A&A WIN-WIN DEAL

The recently domesticated rules have strengthened our commitment at AKABOGU & ASSOCIATES to active marine cargo claims recovery through negotiation and litigation. Our representation covers both large and small claims. To encourage recovery efforts, fee options and offers are very appealing

www.akabogulaw.com

Thank You
www.akabogulaw.com

Contact Emeka Akabogu Akabogu & Associates Tel.: 234-8055461557, 234-7043355548 emeka@akabogulaw.com www.akabogulaw.com