Explanatory Note
(This note is not part of the Order)
This Order revokes and replaces the Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1994.
The Order provides that the rate of interest to be included in the limitation fund constituted by a person seeking to his liability by virtue of the Convention on Limitation of Liability for Maritime Claims 1976 shall be increased from 6.75 per cent to 8.5 per cent in respect of any period on or after 1st September 1998.