The ongoing tensions in the Middle East have put international shipping companies on tenterhooks as tit-for-tat missile strikes have turned the Red Sea into a high-risk zone for transit, clog-ging global trade and snarling supply chains.

With Brexit finally done, the UK and Singapore recently signed a free trade agreement to establish post-Brexit arrangements. Lawyers say the UKSFTA is an important development that will lay the groundwork for more to come.

Buffeted by the triple storms of protectionism, costly regulations and coronavirus, the shipping industry in Asia has been experiencing choppy waters of late. However, lawyers continue to see a steady flow of work, and they are hopeful that things will continue to improve soon.

The shipping industry may be expecting to see some recovery in 2018, but it faces a number of other challenges, ranging from increasing regulations to the rapid emergence of technology – and resulting cybersecurity concerns.