MARITIME DISPUTE RESOLUTION MECHANISMS AND THEIR DOWNSIDES

Abstract

Since the dawn of humanity, the sea has been a source of sustenance, providing food and avenues of trade. The search for natural resources and wealth resulted in the establishment of the maritime industry. The maritime industry is globally recognized as one of the most economically viable industry capable of facilitating sustainable development thus, amicable settlement of maritime disputes is paramount to guarantee unhindered trade and commerce environment. The availability and exploitation of resources originating from the sea bed as well as the need to define the boundaries of national jurisdiction have resulted in an increase in coastal state’s claims over adjacent maritime areas. Given the spate of activities within the sector, maritime disputes become inevitable. This work examined the various ways by which maritime disputes can be resolved and projected the downsides of each method of resolution. The objective of this study was to determine the most viable means of resolving maritime disputes. The methodology adopted in this research is doctrinal. It involves both library-based research and internet sourcing. Comparative analyses of all the available mechanisms for resolution of maritime disputes have been made and the work found that arbitration is the most viable function for the settlement of such disputes. Maritime arbitration remains the best way to resolve maritime disputes that arise, in part because of the often lower costs involved and the ability to mold the process to the needs of the parties involved. It offers more advantages than litigation and the other alternative dispute resolution processes (ADR). The research concludes that resolving maritime disputes through arbitration brings about an enhancement of stability in commercial and investment relations.