Subscribe to RSS feedMaersk Line’s quiet enjoyment clause sparks lender discontent
by
Patrick Hagen, Cologne
—
last modified
Nov 05, 2009 03:17 PM
CLAUSES inserted into charter contracts by shipping giant Maersk Line and some other carriers are starting to cause major problems for ship lenders as the risk of defaults by owners increases.
Maersk is seeking to employ vessels for longer periods and wants those banks that are financing the ships to be chartered to waive their right to enforce the collateral for the duration of the charter contract.
With its ‘quiet...
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