TRAMP SHIP OWNERS

Press, Volume XCVII, Issue 28774, 20 December 1958, Page 11

TRAMP SHIP OWNERS

Scheme For World Co-operation

Rec. 11 p.m.) LONDON, September 18.

A scheme for co-operation war accepted in principle yesterday by representatives of deep sea trampship owners of 12 nations at a meeting of the International Chamber of Shipping. It was embodied in a report of an international committee of deep sea tramp owners. The report was received by representatives from Australia, Canada. France. Germany. Greece. India, Italy. Japan. The Netherlands, Spain, Switzerland, and Britain.

The chamber said later that the essence of the scheme was to relate available tramp tonnage to the volume of traffic moving. At the same time it would leave individual owners freedom of action to operate whatever they regarded as economic rates of freight. Owners would make contributions into a common pool which would be used for payment of compensation for laid-up tonnage. This would encourage owners to take, and keep, surplus tonnage off the market until conditions improved. The scheme would also allow compensation payments for tonnage sold for breaking up. in order to encourage owners to scrap existing uneconomic tonnage.

Deep sea dry cargo tramp ships of not less than 5000 tons deadweight would come under the scheme initially. The meeting asked the international committee to finalise details and pdt the scheme into legal form, to be ready tot immediate use when required.