1. Counterparty Risk Liens on sub-freight and sub-hire Marc Jackson

2. Notice of Lien 1 Debt must have accrued. Identify sub-charterers. Are lien clauses back to back? What if lien clause omitted from sub-charter?

3. Notice of Lien 2 Elements of the lien notice – Contracts need to be identified. – As do sums due to owners. – Reference to pertinent charterparty provisions. – Announce the exercise of a contractual lien. – Wordings will vary. – May include indemnity from owner.

4. NYPE Lien Clauses NYPE 1946 – Clause 18 “The owners shall have a lien upon all cargoes, and all sub- freights for any amounts due under this charter …” NYPE 1993 – Clause 23 The owners shall have a lien upon all cargoes and sub-freights and/or sub-hire for any amounts due under this charterparty

5. BULK CHILE Chain of charterparties. 1946 lien clause pertinent law incorporated. Meaning of “sub-freights”. Appeal?

6. Protection for Owners Ensure the clause includes: – Hire – Freight – Sub-freight – Sub-hire – and/or demurrage

7. Counterparty Risk Liens on sub-freight and sub-hire Marc Jackson