Tag: charter party

In a bid to respond to the needs of shipowners and the ship financing and legal community, the Republic of Liberia amended its maritime law to allow lease financing structures to be recorded as mortgages. As such, Liberia is the only flag state with preferred status in China able to record financing charters.

The responsibilities of the shipowner and the charterer in an unamended time charterparty, such as NYPE, are usually clearly stated and understood. However, sometimes, charterers try to add clauses, in order to transfer responsibility for cargo operations onto the shipowner. North P&I Club addresses this issue.

The new software monitors the operational costs and evaluates the performance towards benchmarks like the Charter Party contract, and will try to give the operators the ability to monitor and track their vessel's performance from a set dashboards and reports. The Charter Party Monitoring features warnings of any issues that could result in disputes towards the Charter Party contract.

When the vessel arrived at the discharge port, approximately a quarter of the cargo was found damaged. The Charterer brought a claim against the Owner under the charterparty in order to recover its losses of US$367,836. The Owner accepted liability in principle, but sought to limit its liability.

Greek-based shipping company Diana Containerships announced that, through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with German Hapag-Lloyd, for its Panamax container vessel 'Sagitta'.

Standard P&I Club issued an article  focusing on the effect of cyber crime on charter parties. For charterers, the major risks are financial loss and data theft, which can lead to reputational damage, lawsuits, business interruption and regulatory action.

The disruption to cargo vessels recently caused by Hurricane Irma has raised a number of legal issues. In response, the Standard P&I Club published an alert, providing guidance on some of the issues commonly encountered.

Containership charter owner Global Ship Lease announced that it has signed time charter extensions with CMA CGM for two 2,207 TEU containerships, the 2002-built Julie Delmas and the 2003-built Delmas Keta.

During the past two weeks, the US Coast Guard and Illinois Department of Natural Resources boarded 39 boats in the Chicago area, terminating the voyages of 22 vessels for conducting illegal charter operations on Lake Michigan and the Illinois River. 

As a further enhancement of its services, the American Club has recently made arrangements to assist operators entered for Class I and/or Class II cover in conducting due diligence inquiries into their potential charterparty or other contract partners.