GIMAC: India’s First Maritime Arbitration Centre

• 25 Jun 2021

• The Gujarat Maritime University has signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority in GIFT City on June 21 to promote the Gujarat International Maritime Arbitration Centre (GIMAC).
• This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.
• The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.
• There are over 35 arbitration centres in India. However, none of them exclusively deals with the maritime sector.
• The arbitration involving Indian players is now heard at the Singapore Arbitration Centre.
• Globally, London is the preferred centre for arbitration for the maritime and shipping sector.