(1) When a time charterer has not paid a charterage on an agreed date, a shipowner may cancel or terminate the relevant contract.
(2) When a shipowner has cancelled or terminated a contract as prescribed by paragraph (1) on the voyage of a ship after a time charterer loaded cargo by concluding a transportation contract with a third party, the shipowner shall have the same obligation as the time charterer for transportation to persons interested in the cargo.
(3) In cases where a shipowner has given a written notice to persons interested in cargo of the cancellation or termination of a contract and his/her intent to continue the transportation under paragraph (2), the shipowner shall be deemed to have established the right of pledge for the purposes of claim of the charterage or the freight which the time charterer has the right against persons interested in the cargo in order for the shipowner to secure the charterage, substitute payment, and other similar claims under a time charter contract against the time charterer.
(4) The provisions of paragraphs (1) through (3) shall not affect any claim for damages by a shipowner or a person interested in the cargo to the time charterer.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]