Limitation of liability for maritime claims is a concept of respectable antiquity which is now deeply entrenched in the maritime industry. Under this concept, the shipowner is entitled to limit his liability for maritime claims up to a maximum sum regardless of the actual amount of the claims. The concept of limitation of liability has been adopted by many conventions ranging from those relating to the carriage of goods by sea, carriage of passengers and their luggage by sea, liability and compensation for pollution damage, to liability for the removal of wrecks. Each of these conventions...