LauritzenCool AB v Lady Navigation Inc - QBD (Com Ct) (Cooke J) - 12 November 2004

Arbitration - Disputes under time charters - Owners threatening to withdraw vessels - Charterers seeking interim injunction under section 44(2)(e) Arbitration Act 1996 to restrain owners from interfering with vessels pending final award in arbitration - Whether grant of injunction would amount to decree of specific performance - Whether injunction should be granted

In March 1998 Cool Carriers, the predecessors of the claimant (Lauritzen), time-chartered the vessels Lady Racisce and Lady Korcula from the defendant owners on Cooltime 95 terms for a period of 10 years. Lauritzen, as charterers, managed a pool of reefer vessels of which the two "Lady" vessels were part. Lauritzen was entitled to a profit charge representing 6% of the effective hire paid, together with an annual fee for management.