MV Veronique of sound value €11,000, 000 belonging to BPS 20 company limited was on a voyage from Tema port to Tsingdao with a cargo of total invoice value of €16,500, 000, expecting a gross freight of €1,200, 000. During the voyage a serious fire breaks out on board the vessel endangering the whole adventure. 

As a result the ship sustained a loss of €1,220, 000 and the cargo, €2,150, 000 in the common adventure. The shipowner spent €959, 000 in his effort to save the adventure from a total loss and also incurred expenses of €70, 000 contingent to freight. 

Investigation revealed that, prior to the fire outbreak, the ship suffered a damage of €1,400, 000 whilst the cargo suffered a damage of €3,500, 000. At the termination of the voyage at Tsingdao port, General average was declared and upheld.

Required:

Calculate the General Average contributory values of the various interests according to York –Antwerp Rules showing detailed calculation

Answer rating: 100% (QA)

The York Antwerp Rules state three clear principles all of which must be met in order for the rule t... View the full answer