Lawyer and Comité Maritime International (CMI) President Ann Fenech has stressed that international shipping is facing a number of monumental challenges, requiring support from European institutions.
She highlighted this during a keynote address on Wednesday, as Malta and six other countries signed the United Nations (UN) Convention on the International Effects of Judicial Sales of Ships.
Dr Fenech remarked that "international shipping is already facing monumental challenges, and the European Maritime Industry looks to the Commission for support."
The convention, which aims to bring stability and certainty in a specific area of international trade was hosted by the President of Malta Myriam Spiteri Debono.
It was organised by the Ministry for Foreign and European Affairs and Trade, together with the UN and the Comité Maritime International (CMI).
Dr Fenech, who has led the CMI since 2022 and is a founding member and Director of the Malta Maritime Forum, played a pivotal role in the drafting of the new maritime convention, acting as the chief coordinator for the organisation during its deliberations.
In her speech, Dr Fenech drew parallels between the Convention and a brand-new 27 thousand TEU containership.
“Her construction drawings and plans are the draft by CMI, she was built by a robust shipyard – United Nations Commission on International Trade Law (UNICITRAL) – she is now fully loaded. Enable us to discharge her at her port by providing a speedy ratification process,” she said.
The Convention is being hailed by maritime practitioners worldwide as one of the most important maritime conventions in recent years, providing certainty and stability in an area of international trade responsible for the carriage of 90 per cent of world trade.
The entry into force of the Convention is expected to bring about considerable improvements in the global shipping sector.
It will enhance legal certainty by creating a uniform regime for the international effects of judicial sales of ships, ensuring that a judicial sale in one State Party will have the effect of conferring clean title on the purchaser in every other State Party, eliminating the risk of having the same ship re-arrested for claims arising from pre-existing rights or interests.
The Convention was also signed by Croatia, Cyprus, Spain, Italy, Côte d’Ivoire and Antigua and Barbuda.
Last year, Dr Fenech told WhosWho.mt that this landmark development will give Malta's maritime administration "clarity" on the status of Maltese-registered ships.
