This Order sets the applicable interest rate for limitation funds under the cited maritime convention, using different rates for listed date ranges, and repeals several earlier related Orders.
Merchant Shipping (Limitation of Shipowners Liability) (Rate of Interest) Order(Cap. 434, section 19(1))(Enacting provision omitted—E.R. 2 of 2020)[31 May 2002](Format changes—E.R. 2 of 2020) 1. Rate of interest for purposes of limitation fund The rate of interest to be applied for the purposes of paragraph 1 of Article 11 of the Convention on Limitation of Liability for Maritime Claims, 1976 is—(a) from 16 January 1987 to 30 April 1987, 7.5%;(b) from 1 May 1987 to 5 November 1987, 6%;(c) from 6 November 1987 to 5 May 1988, 7.38%;(d) from 6 May 1988 to 5 October 1989, 5.89%;(e) from 6 October 1989 to 14 June 1990, 11.09%;(f) from 15 June 1990 to 25 July 1991, 10.24%;(g) from 26 July 1991 to 30 April 1992, 9.74%;(h) from 1 May 1992 to 22 October 1992, 8.72%;(i) from 23 October 1992 to 27 July 1995, 7.48%;(j) from 28 July 1995 to 11 June 1998, 8.82%;(k) from 12 June 1998 to 30 May 2002, 9.91%;(l) from 31 May 2002 to 17 November 2005, 5.16%; (L.N. 203 of 2005)(m) from 18 November 2005 to 23 February 2006, 6.55%; (L.N. 203 of 2005; L.N. 27 of 2006)(n) from 24 February 2006 to 31 August 2006, 7.38%; (L.N. 27 of 2006; L.N. 184 of 2006)(o) from 1 September 2006 to 27 December 2007, 7.96%; (L.N. 184 of 2006; L.N. 242 of 2007)(p) from 28 December 2007 to 13 March 2008, 7.45%; (L.N. 242 of 2007; L.N. 56 of 2008)(q) from 14 March 2008 to 29 May 2008, 6.76%; (L.N. 56 of 2008; L.N. 151 of 2008)(r) from 30 May 2008 to 11 December 2008, 5.88%; (L.N. 151 of 2008; L.N. 261 of 2008)(s) from 12 December 2008 onwards, 5.2%. (L.N. 261 of 2008) 2. Repeals The following Orders are repealed—(a) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) Order 1987 (L.N. 13 of 1987);(b) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) (No. 2) Order 1987 (L.N. 123 of 1987);(c) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) (No. 3) Order 1987 (L.N. 368 of 1987);(d) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) Order 1988 (L.N. 139 of 1988);(e) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) Order 1989 (L.N. 331 of 1989);(f) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) Order 1990 (L.N. 185 of 1990);(g) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) Order 1991 (L.N. 304 of 1991);(h) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) Order 1992 (L.N. 115 of 1992);(i) Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) (Hong Kong) (No. 2) Order 1992 (L.N. 333 of 1992);*(j) Merchant Shipping (Limitation of Shipowners Liability) Ordinance (Rate of Interest) Order 1995 (Cap. 434 sub. leg. B); and (E.R. 2 of 2020)*(k) Merchant Shipping (Limitation of Shipowners Liability) Ordinance (Rate of Interest) Order 1998 (Cap. 434 sub. leg. C). (E.R. 2 of 2020)Editorial Note:* Repealed—see L.N. 86 of 2002.