London Arbitration 1/98

Sub-charter on NYPE form providing for redelivery bonus to be paid to disponent owners “upon commencement of last voyage” - Vessel redelivered by sub-charterers at port outside redelivery range - Whether disponent owners entitled to redelivery bonus

The vessel was under a head time charter for a period of about 5 to 7 months’ duration. The disponent owners sub-chartered her on the NYPE form basis delivery “on passing Cape Passero Westbound” between 3 and 8 October 1994 for a minimum period 1 February to maximum 15 March 1995 basis redelivery: