KAREN NELSON MOORE, Circuit Judge. Plaintiffs-Appellants Ford Motor Co. (“Ford”) and its cargo insurer, Royal Insurance Co. of America (“Royal”) (collectively, “Appellants”), brought this action against Defendant-Appellee Orient Overseas Container Line Ltd. (“OOCL,” or “Appellee”), an ocean carrier, for damages arising from the loss of cargo during a transatlantic voyage. OOCL impleaded Third-Party Defendants-Appellees M/V Canmar Pride, the carrying vessel; CP Ships (UK) Ltd.; CPS No. 3 Ltd.; and CPS No. 5 Ltd. (collectively, “Third-Party Appellees”). On September 29, 2005, the district court granted partial summary judgment for OOCL and Third-Party Appellees, ruling that Appellants’ claims were subject to the $500-perpackage liability limitation prescribed by the Carriage of Goods by Sea Act (“COGSA”), 46 U.S.C. § 30701 et seq. Both the district court and this court authorized an interlocutory appeal of that ruling, and Appellants now argue that the district court’s ruling should be reversed. For the reasons set forth below, we REVERSE the judgment of the district court and REMAND this case for further proceedings consistent with this opinion.