London Arbitration 15/94

Parties to arbitration agreed to each charter a vessel to the other - Fixtures concluded on same day and expressed to be “part of single transaction” - Whether cancellation of one vessel for failing to meet laycan resulted in the cancellation of the other vessel

The dispute arose out of an agreement whereby each party agreed to charter a vessel to the other. The claimants agreed to charter the vessel C to the respondents. At the same time, the respondents agreed to charter the vessel B to the claimants. The vessel C was chartered on an amended Shelltime 3 charterparty while the vessel B was chartered on an amended Shelltime 4 charterparty, both charters being dated 31 December 1991.