Ship arrest serves as a powerful legal tool for claimants, offering pre-judgment security in disputes. However, it does not automatically imply the defendant’s liability. Despite this, the implications of a ship arrest are significant, as it opens the door to the judicial sale of the vessel, making it a high-stakes legal measure.
A warrant of arrest, when successfully executed, strengthens the claimant’s bargaining position. The costs associated with an arrest pale in comparison to the ship’s potential losses, including:
● Forgone freight income.
● Crew wages and expenses.
● General underutilization of the ship as an asset.
● Liabilities from unfulfilled carriage contracts.
These high stakes often drive shipowners and other interested parties to act swiftly to secure the release of an arrested vessel. This article outlines how this process works under Nigerian law.
Conclusion
Shipowners should remain calm when faced with a ship arrest. The first course of action is to conduct a thorough review of the filed arrest procedures for compliance. Securing the release of an arrested ship is a straightforward process that can be efficiently managed with the help of experienced legal counsel and adherence to necessary protocols.
This information is intended for general guidance and informational purposes only. It is essential to consult with a qualified legal professional in Cameroon for specific advice and assistance.
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