General Average and Salvage

Question 3 Toba shipping company chartered a vessel under a time charter for two years from COSCO. From the charterer’s perspective, explain the following terms that are commonly used in charter parties and liner bills of lading: 1. Himalaya Clause 2. Lien 3. Paramount Clause 4. General Average and Salvage 5. Naming of loading and discharging ports 6. The amended Jason Clause [(2+2+2+2+2+2)=12 marks]

Question 4 (The answer to this question will not count towards the word limit) Consider the following two options for the vessel MV KONTA which is available for new employment at Port of Ras Tanura. The vessel’s details are as follows: Vessel details: Deadweight: 70,000 tonnes Fresh water: 200 tonnes Constants: 300 tonnes Fuel consumption at sea: 35 tonnes per day (the vessel must carry 300 tonnes of fuel in addition to that required for the voyage) Fuel consumption in port: 3.5 tonnes per day Daily running costs: $5,400 Option 1 is a voyage from Port of Ras Tanura to Aberdeen Port under a voyage charterparty. Details of the proposed employment are as follows: Voyage charterparty details: Sea voyage duration: 35 days Time in ports: 11 days (in total) Loading port charges : $25,000 Discharging port charges: $20,000 Suez Canal charges: $50,000 Freight rate: $19.5 per tonne Bunker cost: $425 per tonne Total commission: 4.5% Option 2 is the hire of MV KONTA under a time charterparty at a daily rate of $6,100 for 60 days. The delivery port is Port of Ras Tanura and the redelivery port is Aberdeen Port. Total commission is 4.5%. Which option is better for the shipowner? Justify your answer with appropriate explanations and calculations.

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