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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Briefings from Ince & Co
Affected parties must think about who will be the ’operator’ for the purposes of the new European regulations.
The commercial understanding of the phrases ‘as is’ or ‘as is where is’ has always been that a buyer must take a yacht in the condition in which she is found at the time defined in the contract.