Commercial shipping is a highly competitive industry subject to extreme volatility. Owners and charterers are sometimes both under pressure to maximise the profitability of each engagement at the other’s expense. Disputes between owners and charterers regarding final charter accounts, off-hire, demurrage and withdrawal and termination of fixtures are not uncommon. Similarly, there are often disputes between owners and shipyards when vessels are repaired or constructed and between purchasers and sellers when vessels are bought and sold. None of these are matters to which traditional P&I cover responds.
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