The UK Supreme Court’s ruling in the Ocean Victory case could have “huge” implications across the hull insurance market, preventing the passing of financial liability for ship losses down the charter chain.
The 171,000-dwt Ocean Victory (built 2005) was lost attempting to escape a storm at the Japanese port of Kashima in October 2006.
The bulker was operated by Ocean Line Holdings on a bareboat charter basis from the owner, Ocean Victory Maritime.
