London Arbitration 14/98

Time charter - Owners withdrawing vessel after failure to pay instalments of hire - Whether owners entitled to Interim Award for outstanding hire

The vessel was delivered under the charterparty on 14 June 1995. Hire was payable at the rate of US$6,000 per day 15 days in advance. Payment was received in respect of the first three hires. The fourth instalment of hire amounting to US$90,000 fell due on 29 July 1995 but was unpaid. The fifth instalment of hire, in the same amount, fell due on 13 August and was also unpaid.