The thesis analyses the disputes which arise between the contractual parties or other injured parties in connection with the operation of the ship when ice risks materialises. A more open Arctic Ocean represents a considerable potential for increased shipping in and throughout the region. However, the opening of the Northern Sea Route (NSR) and the changing Arctic besides bringing tremendous opportunities, also poses immense challenges. Extreme cold environments are perhaps the most demanding and challenging for both the crew and the vessel. At present, most trans-Arctic voyages take place in summer along the Northwest Passage and the Northern Sea Route is mostly used for science and tourism purposes. In addition, it has been indicated that the NSR is the shortest route, connecting Europe with East Asia via the seas of the Arctic Ocean and as compared with the route via the Suez Canal, the NSR makes it possible to transport cargoes from Europe to the Far East. Transportation time is reduced by nearly 40 per cent. Besides, as opposed to the Gulf of Aden, piracy cases have not been registered in the regions beyond the Polar Circle, which makes the Northern Sea Route very attractive for navigation. The topic must be seen in the light of these new opportunities and challenges of Arctic Shipping. The aim of this thesis is to examine the legal issues related to the risks caused by ice to a vessel and her performance. These risks will most often materialise in long delays, deviation and heavy hull damage to the ship. In this respect, it is essential to see what are the legal issues and how is the liability allocated between the shipowner and the charterer, as well as who are the other parties directly affected by such risks and these parties’ rights. Further problems are related to the insurance coverage and the legal relationship between the shipowner and the insurer and also between the charterer and his insurers. The charterparties discussed are limited to time and voyage charters.