Terrorist Attack will have Lasting Implications

Monday, September 17, 2001
The terrible tragedy that occurred on 11 September will live long in everyone's memory. The implications will be far reaching and at this stage it is not known what reprisals will result. With so many losing their lives the implications on vessels calling at US ports seems rather trivial in comparison. Nevertheless merchant shipping was affected. The LOOP terminal was closed for a while and entry to certain ports was restricted or delayed. The Association will keep in close contact with the US Coast Guard and advise our members of any additional security or other procedures implemented in the wake of the terrorist attacks. The world's insurance markets are bound to be severely affected by the massive claims that will be made on insurance and re-insurance policies. In London the War Risks Rating Committee met on 12 September to assess the implications. INTERTANKO's Insurance Committee which meets on 4 October will, of course, be discussing this matter. At this stage the extent of the claims and the implications can only be a matter of speculation. INTERTANKO's legal team remains at hand to respond to any requests from members and associate members for advice on the charterparty implications for members' vessels affected by this tragedy. Given the great diversity of charterparty provisions we will not generalise on what the affects of delay suffered by vessels will have on owners rights/liabilities in either a voyage or time charter context. (Source: INTERTANKO News)

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