It has not been unknown in recent years for some of the largest and well known Charterers to fail with little, if any, warning. When this happens, Owners who are owed money by their Charterers, for example for unpaid hire, may find themselves with limited options for the recovery of their losses. Where the Charterers are insolvent or have no assets, it is likely that recovery will be remote.The following steps should be taken into consideration to ensure that the Charterers pay their hire and Owners are protected as much as possible: