Vessel Agreement Definition

Charter liability insurance is a kind of insurance designed to protect shipping companies from certain risks or obligations. [3] This may include fines and violations of the law, damage to cargo or ship, and personal injury, including and to death. U.S. flag ship capacity operated by a participant and U.S. Flag Vessel Sharing Agreement (VSA) capacity of a participant. As a general rule, a vessel-sharing agreement is concluded between different container shipping companies that agree to operate a regular service on a given line with a number of vessels. Under the Vessel Sharing Agreement, two (or more) shipping companies agree to provide a fixed number of slots on certain vessels or routes. If the charterer does not require the use of an entire vessel, the agreement will indicate which part of the cargo will be used and will be called a “space charter.” With these types of charters, the master (or agent) will give the shipper a bill of lading to document the ownership of the goods and serve as a receipt. Bill of lading is not in itself a charter or a contract; travel charter is considered to be the transport contract in power.

The amount of space each partner receives may vary from port to port and may depend on the number of vessels operated or placed by the various partners under the agreement. The last agreement that started this year is the one between Maersk Line and MSC. They concluded the agreement with another number of ships, Maersk with about 110 and MSC with 75. In this case, the hamburger S-damerikanische Dampschifffahrts-Gesellschaft KG (“Hamburg S-d”) and CMA CGMS.A. (“CMA”) CADE asked whether the vessel Sharing Agreement (“VSA”) between them and Nile Dutch Africa Line BV (“NDAL”), all competitors in dener`s shipping market, constituted an association agreement within the meaning of Resolution 17. Chartering is an activity within the marine industry in which a shipowner leases the use of his vessel to a charterer. The contract between the parties is referred to as the “charter party” (the “charter party” or the French “sharing document”). The three main types of charters are: chartering, travel chartering, and on-time chartering. If the trade or part of it is no longer part of the Maersk/MSC Vessel Sharing Agreement, the 2M Lines SML share as soon as possible, but no later than 14 days after 2M Lines agrees to do so, or the notification of such termination.