Lloyd's Maritime Law Newsletter
President of India v. Taygetos Shipping Co. S.A. (The Agenor) - Q.B.D. (Com.Ct.) (Staughton J.) - 9 October 1984
Whether arbitration award to be made in U.S. dollars or sterling
An arbitration took place between owners and charterers over demurrage. Clause 9 of the charterparty provided for demurrage
at the rate of U.S.$6,000 per day, but clause 30 went on to say that it was to be paid in pounds sterling at the rate of exchange
prevailing on the bill of lading date. The umpire declared that the charterers were obliged to pay demurrage to the owners
and that the award should be made in U.S. dollars.