Limitation Proceedings – Updated claim list contains 670 claims with a total of 1.772 containers involved
The administrator of the Limitation Proceedings in the Tokyo District Court reported that the updated list of limited claims contains 670 claims with a total of 1.772 containers involved. Many claim amounts are yet unknown. Assuming an average value of USD 50.000 to USD 70.000 per container the total cargo value can be estimated in the region of USD 89 million up to USD 124 million which in relation to the limitation fund of USD 41 million would result in an estimated dividend of 33% up to 46%. These figures are based on our own estimates and may significantly raise depending on the number of containers that are double represented, once by the cargo receiver and once by the NVOCC carrier. The Administrator is still evaluating the issue of double representation.
The Court Hearing held on April 15th 2014 revealed that a number of claims and their documentation are still incomplete and the Administrator is now in the process of contacting the claimants with specific requests. The next Court Hearing was set for July 15th 2014 and we shall monitor events further.
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