The Singapore International Arbitration Centre (SIAC) on 6 March published the 2018 SIAC Annual Report. The statistics in the report show that Singapore and SIAC continue to make strong headway as the preferred seat and forum for resolving international high-value disputes. This trend is expected to continue because, armed with the 2016 SIAC Rules, parties to SIAC arbitrations have a greater assortment of tools at their disposal to ensure the advancement of arbitration in a fair, efficient, and cost-effective manner.
The report provides various statistics for cases filed in the preceding calendar year, including (i) the number of new cases filed; (ii) the total sum in dispute; (iii) the highest sum in dispute; (iv) the average sum in dispute; (v) the nationality of the parties; and (vi) the industry sectors of the parties.
Early Dismissal Procedure
In 2018, SIAC received 17 Early Dismissal applications. Of those, six were allowed to proceed under SIAC Rule 29.3. Of the six applications that were allowed to proceed, three were granted. Since the introduction of the Early Dismissal provisions in 2016, the SIAC has granted four out of the 22 applications received to date.
Expedited Procedure
In 2018, SIAC received 59 applications for the arbitration to be conducted in accordance with the Expedited Procedure, of which 43 (73%) were accepted. Since the introduction of the Expedited Procedure provisions in 2010, the SIAC has accepted 279 out of the 473 applications received (59%).
Appointment of Emergency Arbitrator
In 2018, SIAC received and accepted all 12 Emergency Arbitrator applications. Since the introduction of the Emergency Arbitrator provisions in 2010, the SIAC has accepted all 84 applications.
The information published in the annual reports from 2014 to 2018 is summarised in the following tables:
Number and Value of New Case Filings
|
2014 |
2015 |
2016 |
2017 |
2018 |
New Cases |
222 |
271 |
343 |
452 |
402 |
Total in Dispute |
$3.81 bn |
$4.41 bn |
$11.85 bn |
$4.07 bn |
$7.06 bn |
Highest Dispute |
$1.72 bn |
NA |
$3.47 bn |
$601.03 m |
$2.38 bn |
Average Dispute |
$16.91 m |
$16.45 m |
$38.46 m |
$15.82 m |
$24.02 m |
Nationality of Parties
|
2014 |
2015 |
2016 |
2017 |
2018 |
Singapore |
147 |
239 |
323 |
436 |
373 |
India |
37 |
91 |
153 |
176 |
103 |
China |
41 |
46 |
76 |
77 |
73 |
USA |
38 |
33 |
42 |
70 |
109 |
Indonesia |
13 |
24 |
38 |
32 |
62 |
S. Korea |
17 |
34 |
38 |
27 |
41 |
Australia |
15 |
32 |
36 |
12 |
16 |
Malaysia |
21 |
15 |
28 |
25 |
82 |
HK |
27 |
26 |
27 |
38 |
38 |
UK |
21 |
12 |
27 |
25 |
11 |
Netherlands |
5 |
10 |
19 |
12 |
5 |
Industry Sectors
|
2014 |
2015 |
2016 |
2017 |
2018 |
Commercial |
27% |
19% |
24% |
22% |
19% |
Corporate |
13% |
17% |
16% |
14% |
15% |
Construction |
12% |
12% |
16% |
9% |
11% |
Shipping |
14% |
17% |
19% |
20% |
18% |
Trade |
25% |
29% |
19% |
31% |
27% |
Others |
9% |
6% |
6% |
4% |
10% |
As an added resource, our firm has released the second edition of An Introductory Guide to Arbitration in Asia addressing questions global businesses should consider in connection with international arbitration in 14 key Asian jurisdictions.