The maritime industry is very complex due to its international nature. Owners, charterers, operators, and agents all play their roles, but understanding the nuisances take lots of experience.
Are the principals registered for GST? What are agent’s costs, versus re-chargeable costs? Is the voyage prefunded? Does the prefunding cover all the disbursements? Are vessel costs classified as repairs or are they capital improvements? Are out-of-water costs all treated as docking costs and amortised over the docking cycle?
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