- General Average
YAR 2004 Interest Rates
Rule XXI of the York-Antwerp Rules 2004 states the following:
- Rule XXI. Interest on losses allowed in general averageInterest shall be allowed on expenditure, sacrifices and allowances in general average until three months after the date of issue of the general average adjustment, due allowance being made for any payment on account by the contributory interests or from the general average deposit fund.
- Each year the Assembly of the Comité Maritime International shall decide the rate of interest which shall apply. This rate shall be used for calculating interest accruing during the following calendar year.
The Plenary Session of the CMI Vancouver Conference adopted the following guidelines for fixing the rate of interest:
Guidelines for the Assembly of the Comité Maritime International when deciding the annual interest rate provided for in YAR Rule XXI
The Assembly is empowered to decide the rate of interest based upon any information or consideration, which in the discretion of the Assembly are considered relevant, but may take the following matters into account:
The rate shall be based upon a reasonable estimate of what is the rate of interest charged by a first class commercial bank to a ship owner of good credit rating.Due regard shall be had to the following:
– That the majority of all G.A. adjustments are drawn up in USD.
– That therefore the level of interest for one-year USD loans shall be given particular consideration.
– That most adjustments, which are not drawn up in USD, are drawn up in GBP, EUR or JPY.
– That, if the level of interest for one year loans in GBP, EUR or JPY differs substantially from the level of interest for one year loans in USD, this shall be taken into account.
– That readily available information about the level of interest such as USD – prime rate and LIBOR shall be collected and used.
– Any amendment of these guidelines shall be made by a decision of a conference of the CMI.
A small Standing Committee on General Average Interest Rates was appointed to investigate the rates of interest applicable to moneys lent by a first class commercial bank to a ship owner of good credit rating, and to make annual recommendations to the CMI Assembly.
The following annual rates of interest were decided upon by the Assembly of the CMI under Rule XXI York-Antwerp Rules 2004 having considered the recommendations from the Standing Committee:
|1 January 2020 to 31 December 2020||2,75%|
|1 January 2019 to 31 December 2019||3,25%|
|1 January 2018 to 31 December 2018||2,50%|
|1 January 2017 to 31 December 2017||2,50%|
|1 January 2016 to 31 December 2016||2,50%|
|1 January 2015 to 31 December 2015||2,75%|
|1 January 2014 to 31 December 2014||2,75%|
|1 January 2013 to 31 December 2013||2,75%|
|1 January 2012 to 31 December 2012||3%|
|1 January 2011 to 31 December 2011||3%|
|1 January 2010 to 31 December 2010||4%|
|1 January 2009 to 31 December 2009||6%|
|1 January 2008 to 31 December 2008||5,75%|
|1 January 2007 to 31 December 2007||5,50%|
|1 January 2006 to 31 December 2006||4,50%|