Posted on: 22 March 2023
The London Maritime Arbitrators Association (LMAA) is delighted to report a strong set of caseload statistics for 2022. Arbitrators reported 3193 new appointments under its Terms and Procedures in an estimated 1807 references. This represents an increase from 2021 of almost 15% in appointments and 9% in references.
Although there were fewer under the Small Claims Procedure, there was an increase in the number of appointments under the Intermediate Claims Procedure: 58, up from 54 in 2021. Subject to agreement between the parties, the ICP usually applies to claims between US$100,000 and US$400,000.
In LMAA references, arbitrators published an estimated 420 awards in 2022. The majority of LMAA arbitrations are conducted on documents and written submissions only. 93 awards were made after hearings, in comparison to 77 in 2021.
LMAA President David Steward said: “We are very grateful to all the arbitrators who contributed to these statistics. They reflect the huge number of parties worldwide who choose international arbitration on LMAA Terms and Procedures to resolve their maritime disputes, not only in the shipping industry but also in offshore energy and international trade.”