The chartering of ships, like any other business, comes with risks that the business counterparts do not honour their obligations to pay. Some owners (including head owners and disponent owners) believe that their position should be relatively secure given the various rights and remedies written in the charterparties in the event of non-payment by charterers, such as the right to hold on to the cargo. It is important to note however that there is a gap between owners' rights as written in the contract, and how and where they can enforce them in reality. Further, unlucky owners may even find themselves facing claims from third parties with whom they have no contract, because of the charterers' debts. The purpose of this article is to highlight these issues and enable owners to take measures accordingly to protect their interests. Withdrawal of vessel A typical time charter expressly imposes an obligation on charterers to make hire payments at the agreed rate. Under clause 5 of the New York Produce Form 1946, in the event of failure to make punctual payment of hire or on any breach of the charterparty "the Owners shall be at liberty to withdraw the vessel from the service of the Charterers, without prejudice to any claim they (the Owners) may otherwise have on the Charterers" . There is a similar but expanded provision at clause 11(a)(2) in NYPE 1993. Clause 11(b)(3) further requires that the owners give a "grace period notice" before they are allowed to withdraw the vessel. The notice is usually referred to as the "anti-technicality notice". Clause 11(b) says "Where there is failure to make punctual and regular payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, the Charterers shall be given by the Owners [ ] clear banking days (as recognised at the agreed place of payment) written notice to rectify the failure, and when so rectified within those [ ] days following the Owners' notice, the payment shall sta