The Panama Canal Authority inaugurated the neopanamax locks since June 26, 2016. This new logistic facility has created great impetus for enhancement of trade between Asia and America. The statistical information shows that more than 500 ships have already transited through this new lock since its inauguration during the last six months.10 views
How adjustment and Settlement of general average contribution is done among the parties involved in a common maritime adventure
Adjustment and Settlement of general average contribution is a very complicated task and an average adjuster accomplishes the job with high standard of professionalism and adhering to its strict code of conduct. The marine communities now a day deem it necessary to seek the expertise services of average adjuster to adjust & settle the general average claim due to their unique role.
The basic principle of general average is that when an extraordinary sacrifice is made to save the interests of all the parties involved in a maritime adventure, the sacrifice or loss made by ship or cargo interest must be compensated by the contribution of all.20 views
Once casualty happens & general average is declared, it is the ‘Port of Delivery’, where necessary steps are to be taken on priority basis.
Under this situation, the master/ agent has to take necessary steps as per instructions of shipowner and the average adjuster. to ensure delivery of goods after obtaining appropriate securities and documentation from consignees towards settlement of general average claim. It is important on the part of shipowner to retain lien on the cargo through the securities before final delivery of cargo to the receivers.4 views
When a vessel falls into a casualty at Sea during maritime adventure, the Master of the vessel considering gravity of the casualty, declares general average and takes decision to proceed to ‘Port of Refuge’ for safeguarding the vessel and the cargo. That means ‘Port of Refuge’ is the safe port where master takes recourse to encounter the outcome of casualty.1 view
The average adjuster performs a unique role in the adjustment / settlement of general average contribution among the parties involved in a maritime adventure. It is a highly skilled professional person or agency to deal with the issue of general average.3 views
Events of sea peril that give rise to general average, must have valid ground of sacrifice as explained under lettered & numbered rules of York-Antwerp Rule.
Any damage of ship or cargo caused by any sea peril in maritime adventure cannot be considered as general average. We know that in a maritime adventure, there are three interests involved viz the cargo, the ship and the freight. General average sacrifice arises on any of these three interests.10 views
York-Antwerp Rule has come into force to provide detail interpretation and guideline for the global shipping industry, aiming to handle & settle the general average sacrifice and expenditure on the basis of internationally accepted standard rules applicable to common danger in a maritime adventure. That means the Rule has established a codified set of rules to determine the rights and obligations of all parties involved in a maritime adventure, if general average is declared.11 views
‘General average’ differs from ‘particular average’ losses, so far as the basic features, scope and sharing of ultimate burden of losses are concerned. In a maritime adventure, a loss can either be total or partial and as such any loss other than total loss would be classified as partial. Under marine insurance, the second category of loss i.e. partial loss again includes both the general average & particular average loss.372 views
The Shipping Companies working under present global shipping environment are very much familiar with the term ‘General Average’. The term refers to a situation / event where the ship and cargo are exposed to common danger and some part of the cargo or of the ship is intentionally sacrificed, or extra expenditure is incurred, to avert such danger. Such loss or extra expenditure is addressed within the per view of general average contribution and the contribution is apportioned between ship and cargo in proportion to their saved values.37 views
British Prime Minister David Cameron was not in favor of holding a vote on “Brexit” at all. In 2014 he faced mounting pressure from the populist right over the issue of migration and Britain’s EU membership. To pacify dissenters in his own party and arrest the rise of the far-right UK Independence Party, Cameron promised to hold a referendum on leaving the EU if his Conservative Party won the 2015 election.22 views