Press article: contracting issues in the heavylift sector
News & Insights 18 December 2014
Rupert Banks and Ian Billington consider the increasing risks for heavylift operators
As project cargos, particularly in the offshore oil and gas sector, become physically larger and of higher value, heavylift operators are facing increasingly onerous contractual liability regimes.
This article highlights current trends in heavylift contracting: in particular, the fact that it is increasingly common for heavylift operators to be required under contract to assume all liability for cargo, irrespective of fault. This is a worrying trend for heavylift operators; as such burdensome terms bear no correlation with their risk-reward ratios.
The full article is available in Maritime Risk International, on this website.