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O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

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vessel is subject to a continuous survey cycle, in which every part of the vessel would be surveyed within a<br />

five-year cycle (subject to any grace period granted) according to an agreed schedule on a staggered basis.<br />

Vessels are required to be dry-docked, usually twice in five years, for survey of the underwater parts and<br />

for repairs related to the inspections.<br />

If any defects are found by the classification surveyor during any survey of the vessel, he may require an<br />

immediate repair to be carried out. If, however, the surveyor considers it safe for the vessel to continue in<br />

service without an immediate repair, the surveyor will issue a condition of class, which will require the defect<br />

to be rectified by the ship owner within prescribed time limits. Any conditions of class must be repaired at the<br />

due time set out by the surveyor(s).<br />

All insurance underwriters make it a condition for insurance coverage that a vessel be certified as “in<br />

class” by a classification society. In addition, charterers will impose as a condition of the charter contract, that<br />

the vessel under charter must be duly certified by a classification society.<br />

A4-8

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