New center
By Liang Yiwen |
May 11, 2011, Wednesday
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Print Edition
Print Edition
CHINA'S first average adjustment center, which decides all parties' apportionment of financial liability resulting from loss of or damage to a ship or its cargo, will be launched in Pudong New Area soon, officials said yesterday.
The rapid development of China's shipping industry has seen a rising number of ship emergencies that needs to be resolved, especially regarding each party's responsibilities. Currently, most of the average adjustment cases are carried out in London. The Shanghai branch of the China Maritime Arbitration Commission has handled more than 200 cases worth more than 2 billion yuan (US$308 million) since its setup in 2003.
The rapid development of China's shipping industry has seen a rising number of ship emergencies that needs to be resolved, especially regarding each party's responsibilities. Currently, most of the average adjustment cases are carried out in London. The Shanghai branch of the China Maritime Arbitration Commission has handled more than 200 cases worth more than 2 billion yuan (US$308 million) since its setup in 2003.
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