Description

The Concept of Collective Ownership in Ship is proposed as a viable policy instrument for managing and responding to the multifaceted problems that confront maritime transportation in general and shipping in particular. The concept of collective ownership lays the justification for making the safety and security of shipping a priority in national, regional and global policy space. Elements of the concept can be found in historical and contemporary shipping practices including bottomry, general average, salvage and limitation of liability. It is noted that a fundamental challenge in the maritime industry is how to maintain a delicate balance between the need to safeguard private rights (exclusive interest) and the requirement to adopt policies and laws that are crucial for safety and security of shipping. What the concept of collective ownership does is to navigate the complexity and provide a logical basis for accommodating exclusive rights within the larger inclusive interest of society. In so doing the concept guarantees the protection of both exclusive and inclusive interests in maritime trade whilst ensuring that the productive elements and benefits of shipping are maximised.