Ownership
Ownership in maritime context refers to the legal right of an individual, company or state to possess, control, use, and dispose of a vessel. It is the ultimate right to determine the vessel's course, crew, and cargo. Ownership can be acquired through purchase, inheritance, or construction. The owner of a vessel is responsible for its maintenance, safety, and compliance with international maritime laws and regulations. In case of any damage or loss, the owner is liable for compensation. Ownership can also be shared among multiple parties, which is known as co-ownership. Co-ownership allows for the sharing of costs and responsibilities among the owners.
Your Previous Searches
Random Picks
- Stack: In maritime context, a stack refers to a chimney or a vertical pipe on a ship that is used to expel exhaust gases from the engine room. The stack is designed to prevent the exhaust gases from entering the ship's interior spaces and to relea ... Read More >>
- CMID: Common Marine Inspection Document (CMID) is a standard format for vessel inspection reports developed by the International Marine Contractors Association (IMCA). The document provides a comprehensive checklist of items to be inspected on a ... Read More >>
- Safe Navigation: Safe Navigation refers to the process of navigating a vessel in a manner that minimizes the risk of accidents, collisions, and other incidents. It involves the use of various navigational aids, such as charts, radar, GPS, and other electron ... Read More >>
Top News
SEAL Team 6 is said to be training for a fight with China over Taiwan. Here's wh...
The role of the elite unit may be limited but not inconsequential. "You don't use a scalpel for a job a hammer can do," a former SEAL said....
News Source: Business Insider on 2024-10-19
The last in-person vote in the US will be cast on the desolate tundra of Alaska'...
On a desolate slab of island tundra on Alaska's Aleutian Islands, a resident of a tiny village called Adak will again become the last American to cast an in-person ballot for president...
News Source: ABC News on 2024-10-19
A historically Black community grapples with lasting impacts after Baltimore bri...
As the dust settled after the deadly collapse of Baltimore’s Francis Scott Key Bridge, residents of Turner Station found themselves facing an uncertain future....
News Source: NBC News on 2024-10-18
These are the biggest challenges facing the US Army in the Pacific, according to...
Soldiers face daunting challenges in navigating the vastness of the Indo-Pacific, where a future war could take place across a range of environments....
News Source: Business Insider on 2024-10-18
Teen kayaker rescued after spending 12 hours treading water and clinging to his ...
A 17-year-old kayaker spent nearly 12 hours treading water and clinging to his kayak Wednesday after becoming separated from his high school paddling group, the U.S....
News Source: NBC News on 2024-10-18