Sanko Steamship Co. Ltd. v. Korea Shipping Corpn. (The Federal Fraser - Before Donald E. Zubrod, Jack Berg and Michael Van Gelder - Final Award dated 22 December 1983.

Owners fix vessel for interim voyage to delivery port - Whether ballast bonus payable - Whether charterers entitled to damages

Sanko were disponent owners of the vessel Federal Fraser . She was time-chartered to Korea Shipping on the NYPE form for a time-chartered voyage. Delivery was to be at a U.S. Gulf port in charterers’ option. On the fixture date of 10 October 1979 the vessel was described as “trading” and was discharging cargo at Recife. Hire was $9,332 per day, “plus ballast bonus $189,000 gross”. Laydays/cancelling at U.S. Gulf port of delivery were November 5/20.