London Arbitration 7/95

Time charter - Owners agree to early redelivery of vessel in consideration for lumpsum payment - Agreement expressed to be “in full and final settlement” - Whether charterers precluded from deducting value of bunkers on redelivery from agreed lumpsum

The vessel was chartered on the NYPE form as amended. The earliest time the ship could be contractually redelivered was 1930 hours on 30 September 1992. On or about 28 August 1992 the charterers requested the owners to accept an earlier redelivery, and outside the contractual redelivery range. There then followed various exchanges, both oral and by telex, culminating in a telex, sent by the charterers on 1 September 1992 which read: