Per Stephen Hofmeyr QC (sitting as a Deputy Judge of the High Court) in The Longchamp  EWHC 3445 (Comm) at para 3:
3. In maritime adventures, at least three classes of interests are usually concerned - the interests in the ship; those in the cargo; and those in the freight to be paid on the cargo. These interests are liable to their own particular risks of total or partial loss, and also to risks which threaten them as a whole. Subject to any contract, any loss sustained by one of them, whether arising from a danger peculiar to it, or from one common to the whole adventure, must generally be borne by that interest itself. It is "particular average" and lies where it has fallen.