What happens if a ship is sold before loading starts?

When a ship is sold before the loading process commences, the selling process typically leads to the cancellation of the existing charter party. A charter party is a contractual agreement between the shipowner and the charterer. If the ship is sold, the new owner generally does not have the obligation to honor the charter party with the previous charterer since they have not assumed the rights or responsibilities tied to that agreement.

In this situation, the charterer would usually face the consequence of cancellation, which includes them becoming responsible for unloading costs, if any, incurred as a result of the sale. This means that any arrangements or commitments tied to the original charter party are terminated, and the responsibilities shift away from the original owner.

The other options do not accurately reflect the legal and commercial realities of such a transaction in maritime law. They suggest either the continuation of agreements or transfer of responsibilities in ways that are not typically recognized in maritime transactions when ownership is freshly reassigned.