Shipping companies must carefully review contracts before entering Strait of Hormuz

Shipping companies could be at odds with both charterers, insurers and lenders if they do not carefully examine their contracts before entering the Strait of Hormuz, a lawyer tells ShippingWatch following this weekend's events.

Stena Impero was detained by Iran Friday. Photo: HASAN SHIRVANI/AFP / Mizan News Agency

BY NIKLAS KRIGSLUND

Published: 22.07.19 at 14:36

If push comes to shove, shipping companies may face major losses if they enter the Strait of Hormuz without checking all contract details.

A shipping lawyer warns that problems may arise with charterers, insurers and lenders if shipowners do not make sure to read the fine print in their contracts.