Woodstock Shipping Co. v. Kyma Compania Naviera (The Wave) - Mr. Justice Mustill - Q.B. (Com.Ct.) Oct. 6, 7 and 15, 1980

Intervention of third party to defend action on behalf of defendants

The plaintiffs claimed damages amounting to approx. $4 million against the defendants, a Panamania company, the owners of the vessel Wave . The plaintiffs claimed that: (i) there had been an agreement reached in April 1979 between brokers in London acting respectively on behalf of the plaintiffs and defendants, whereby the defendants had agreed to charter the Wave to the plaintiffs for 24 months, 3 months more or less at charterers’ option at a rate of $8.50 per dwt; (ii) the defendants had reneged on the fixture in August 1979; and (iii) meanwhile the market rate had risen to $15.50 per dwt.