Nautical Term: YAR
Definition of YAR
The York-Antwerp Rules is a set of international maritime regulations that were established to provide uniform rules for the measurement of vessels for the purpose of determining freight rates and insurance premiums.
For instance, consider the following scenario where a shipowner and a cargo owner wish to enter into a freight contract for the transportation of a certain quantity of cargo from one port to another. In such a case, the York-Antwerp Rules would be applied to determine the freight rate by measuring the vessel’s dimensions in accordance with the rules.
Therefore, the York-Antwerp Rules play a crucial role in the international maritime trade by ensuring that fair and uniform rules are applied for the measurement of vessels and the determination of freight rates and insurance premiums.
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