The Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2004

• Citation: S.I. 2004/931
• Sections: 4

Section 1 Citation, commencement and interpretation

This Order may be cited as the Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2004 and shall come into force on 28th April 2004.

Section 2 Citation, commencement and interpretation

In this Order “the prescribed rate” means one per cent more than the base rate quoted from time to time by the Bank of England or the rate of interest set by any body which may supersede it and where there is more than one such rate, the lowest of them.

Section 3 Revocation and amendment

(1) The Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2003 is hereby revoked.

(2) The Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1999 is amended at article 3(b) by inserting “until 30th December 2003” after “the prescribed rate”.

Section 4 Rate of interest

The rate of interest for the purposes of article 11(1) of the Convention on Limitation of Liability for Maritime Claims 1976 shall be the prescribed rate from 31st December 2003 where—

(a) the occurrence takes place before 1 September 1999, but the fund is constituted on or after 1st September 1999; or

(b) the occurrence takes place on or after 1st September 1999.