Underperformance disputes under time charterparties
This award — London Arbitration 12/14, LMLN, 29 May 2014 — is the latest of a number of court decisions and LMAA arbitration awards dealing with issues that frequently arise in time charterparty underperformance disputes.
The vessel, a 1998-built bulk carrier, performed a winter voyage from the US Atlantic coast to South Korea on an NYPE 1993 time charterparty.
Charterers’ router reported a 50.89-hour time loss (based on a 12.260-knot ‘good weather’ speed net of a 0.2-knot assisting current) and 71mt IFO over-consumption, and Charterers deducted from hire on the basis of these figures…
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Mr Justice Field, sitting in the Commercial Court, has had to consider the meaning of the phrase ‘proper and business-like’.
Swallowfalls v Monaco Yachting provides further support for the construction of contracts in the manner most consistent with ‘commercial common sense’.