The Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1998

Rate of interest

3.  The rate of interest for the purposes of article 11(1) of the Convention on Limitation of Liability for Maritime Claims 1976(1) shall be–

(a) where the occurrence takes place before 1st September 1998 but the fund is constituted on or after that date–

(i) 12 per cent from the date of the occurrence until 31st December 1994;

(ii) 6.75 per cent on and after 1st January 1995 until 31st August 1998; and

(iii) 8.5 per cent on and after 1st September 1998; or

(b) where the occurrence takes place on or after 1st September 1998, 8.5 per cent.

(1)

Set out in Part I of Schedule 7 to the Merchant Shipping Act 1995.