The Singapore Chamber of Maritime Arbitration (SCMA) has entered into a Memorandum of Understanding (MOU) with the Institute of Chartered Shipbrokers (Singapore Branch) (ICS Singapore) to develop a sustainable, long-term relationship and permanent association.
As part of the maritime ecosystem, both SCMA and ICS Singapore share similar goals in improving the standards, skills, and expertise of individuals in the maritime and shipping industry.
Under the MOU, there will be opportunities for cross-sharing of knowledge through cross-promotion of events and initiatives, organization of joint events and sharing of articles. In addition, there will be cross-representation — the Chairman of ICS Singapore will automatically become a member of SCMA’s Local Users Council and the Executive Director of SCMA will automatically be an observer on the Executive Council (EXCO) of ICS Singapore.
This will ensure that the momentum built up through this co-operation is sustained well beyond the tenure of the current incumbents of the roles.
The MOU was signed on 6 November 2020, by Justice Chao Hick Tin, Chairman of SCMA, and Captain Subhangshu Dutt, Chairman of ICS Singapore.
Justice Chao Hick Tin, Chairman of SCMA, said, “It is a great pleasure to formalize this MOU with ICS Singapore Branch. SCMA has had a close relationship with ICS Singapore over the years and creating a formal structure will speed up our journey towards the shared goal of improving the maritime ecosystem.
“ICS can play a major role in enhancing awareness of dispute resolution processes and clauses among the commercial maritime community and SCMA will provide a legal perspective in order to create the ideal blend of legal & commercial knowledge for the maritime community.”
Captain Subhangshu Dutt, Chairman of ICS Singapore, said: “We are excited to enter into this MOU with SCMA. Our members represent the commercial shipping industry and arbitration process, while unlikely, remains a possibility in every contract. This partnership will help build a sense of comfort and acceptance amongst our members that the arbitration process is just another viable and acceptable alternative for dispute resolution. We look forward to greater involvement with SCMA in the coming months.”