You will need to answer this question using the four steps process. In your answer, you are required to discuss and apply relevant cases, sections of Acts of Parliament and/or terms of a treaty. The question has three parts.

The Happy Wanderer is a ship registered in the United States which is regularly maintained by its owners. The vessel was loaded at Fremantle, Western Australia, with a cargo of flour, bound for South Africa. During the voyage the ship collided with a whale which was migrating north to breed. When the ship docked in Cape Town it was found that the flour had been damaged due to seawater leaking into the hold. An inspection of the hull showed that the collision with the whale had caused a crack that lead to the water seepage.

Discuss which parties, if any, have an insurable interest in the cargo.