LawFlash

SIAC Maintains Its Position as a Premier Global Arbitration Institution

March 14, 2019

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.

Introduction

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.

Key Statistics

  • Number of new case filings: 402 (93% SIAC administered)
  • Total sum in dispute for new case filings: $7.06 billion (9.65 billion Singapore dollars, or SGD).
  • Average value for new case filings: $24.02 million (SGD 32.84 million)
  • Average value of new SIAC-administered cases: $26.14 million (SGD 35.74 million)
  • Top five foreign users of SIAC arbitration: United States, India, Malaysia, China, and Indonesia

Utilisation of SIAC Procedures

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.

Comparison of Key Statistics Over the Years

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.