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.