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On December 1, 2019, Trans Ocean entered into a shipping contract with Eastern Manufacturing Company ("Eastern") to ship Eastern's products between Shanghai and Los Angeles. The contract with Eastern commences on January 1, 2020, and, on the basis of Trans Ocean's evaluation of its enforceable rights and obligations in the contract with Eastern, Trans Ocean concludes that term of the revenue contract with Eastern is for a period of two years. Further, Trans Ocean concludes that (1) because of its contract with Asia and Eastern, it would not be operationally feasible to deploy the leased cargo vessel on other routes; (2) the cargo vessel will have sufficient capacity to service both Asia and Eastern; and (3) the leased asset is needed for Trans Ocean to perform under its revenue contract with Eastern (because of economic reasons that would not allow Trans Ocean to use another vessel).
Required:
Problem 1: Should Trans Ocean reassess the lease term of the cargo vessel? If so, why?
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