Building an Unprecedented “Pre-Guarantee of Ship Arrest” System, Shanghai Maritime Court Signed a Cooperation Agreement withChina Shipowners Mutual Assurance Association

On October 13, Shanghai Maritime Court signed a ”Memorandum of Cooperation” with China Shipowners Mutual Assurance Association to build an unprecedented initiative of “Pre-Guarantee of Ship Arrest” in the nationwide, in response to the realistic and urgent needs of the shipping industry development. Wang Tong, President of Shanghai Maritime Court, and Song Chunfeng, General Manager of China Shipowners Mutual Assurance Association, attended the signing ceremony and delivered speeches respectively. According to the MOU, both sides will cooperate in three fields: carrying out the collaboration of maritime litigation preservation and enforcement, facilitating the settlements of shipping disputes as well as strengthening maritime business exchanges. This initiative saves judicial costs and enhances the efficiency of enforcement, which is a beneficial practice to improve the innovation of maritime judicial litigation.(Translated by Lin Qin)