A new report from law firm HFW shows that London handled over 85% of the world’s maritime arbitration across 2022, with its closest competitor – Singapore – handling the equivalent of some 5% of the UK jurisdiction’s caseload.
The report – The Maritime Arbitration Universe in Numbers – analyses the latest figures from maritime arbitration associations and institutions, including those not yet publicly available. London handled approximately 1,907 new cases in 2022, which is an almost 12% increase on the 1,703 cases in 2021.
Referrals for arbitration falling
Singapore handled 96 new references, while Paris, handled 36, approximately 2% of London’s caseload, and Dubai handled 0.4% of London’s caseload.
Maritime and transport arbitration featured prominently in London arbitration institutions’ caseloads in 2022, with the LMAA seeing the highest volume of references since 2016 and 37% of the London Court of International Arbitration’s referrals for arbitration falling within this sector, an increase from 14% increase compared with the previous year.
Resolution of shipping arbitrations
London has long held a reputation as a trusted and neutral forum for international arbitration cases"
Commenting on the report’s findings, Michael Ritter, Partner at HFW, said: “London has long held a reputation as a trusted and neutral forum for international arbitration cases, and with a history of maritime expertise, it is clear that it remains the favoured jurisdiction for maritime arbitration.”
“Figures from our research show that Brexit has not threatened London’s status as the most trusted jurisdiction for the resolution of shipping arbitrations, with the capital’s crown looking set to remain unchallenged going into 2024. Furthermore, London’s nimble responses to challenges such as the Covid-19 pandemic have only further solidified its position in the market.”
He continued: “While international competition is on the rise, with other key players such as Singapore and Hong Kong emerging from the rest of the pack, we do not expect to see any significant decline in London’s popularity in the years ahead.”