Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (169952)	3/27/2021 7:40:04 PM
From: carranza2	1 Recommendation Recommended By sense Read Replies (2) \| Respond to of 220173

I once did a fair amount of maritime law, and though I didn’t do collision cases (actually, this is technically an allision b/c the ship seems to have struck a stationary object), my reading suggested two major causes for the event: loss of the steering gear and loss of power. An ancient maritime law precept will also come into play: A general average which I’m sure the shipowner has declared. This is a legally complex procedure under which the owners of the cargo contribute to the losses of cargo damaged or lost as a result cost of freeing the vessel. And, if I recall correctly, cargo also contributes to the cost of repairing the vessel and getting it back on its voyage. I never was involved in a general average so don’t go to the bank with my description. What is certain is that the lawyers will make a bloody fortune. livemint.com