Marine - market insights April 2025

Geopolitical tensions 

In a sign of an easing of tensions in the Red Sea, the car carrier Galaxy Leader was released on 23 January 2025.  

Suez Canal 

In late January 2025, the Suez Canal Authority advised that it was ready for shipping lines to resume their normal path through the Suez Canal due to a stabilisation of the situation in the Red Sea and Bab al-Mandab.  

If stability in this region continues, it will ease pressures across supply chains, with the ability to resume shorter, quicker, cheaper transit routes. 

Security and safety declarations required from 31 January 2025 

From 31 January 2025 all goods that are imported from the EU into Great Britain are now required to be covered by a Safety and Security declaration. This is due to Great Britain no longer being part of the safety and security zone with the EU. 

The legal requirement to file the declaration lies with the carrier and the rules only apply to hauliers when the point of entry into Great Britain is by truck.   

The Launch of the Office of Trade Sanctions Implementation and trade sanctions: Understanding the role and business impact  

On 10 October 2024, the UK launched the Office of Trade Sanctions Implementation (OTSI), a new regulatory body whose creation was initially announced by the UK Government in December 2023.  

We have also identified this a key topic in the Political risk and White collar crime sections.

Understanding the Oil Price Cap advisory and risks of evasion through falsified Certificates of Origin

On 21 November 2024, the Office of Financial Sanctions Implementation (OFSI) issued an advisory to help UK business’ ensure adherence to the price cap on Russian oil and avoid the risks of evasion.  

We have also identified this as a key topic in the Political risk and white collar crime sections.

Freight Crime Bill

A new Freight Crime Bill was presented to Parliament on 18 March 2025.

The Bill will create a separate crime code for freight theft from a vehicle. That code and classification would allow large-scale freight thefts to be categorised differently, enabling police to treat them as organised and targeted crimes rather than being in the same category as domestic car break-ins.

The Bill is due to have its Second Reading on Friday 20 June 2025.

Case developments

Court of Appeal distinguishes between conditions precedent and representations under the Insurance Act 2015

Lonham Group Ltd v Scotbeef Ltd [05.03.2025]

The Court of Appeal decision in Scotbeef highlights some of the difficulties in distinguishing between conditions precedent, warranties and pre-contractual representations. Although the 2015 Act has limited the ability of insurers to rely on conditions precedent and warranties, they are still of considerable use to insurers when properly applied.  As the Scotbeef decision demonstrates, these clauses have to be clearly drafted and distinguished from representations if they are to remain effective.