Petroleo Brasileiro S/A v. Elounda Shipping Co. (The Evanthia M) - Q.B.D. (Com.Ct.) (Mustill J.) - 30 January 1985

Speed and consumption - Charterparty providing for adjustments in hire where actual performance better or worse than stated rates - Whether adjustments also applicable where vessel used for storage

The vessel was chartered for one year on the Shelltime 3 form. Clause 24 contained detailed provisions relating to the vessel’s speed and fuel consumption and provided that hire should be reduced or increased according to whether actual performance was worse or better than the stated guaranteed average rates. The charterparty contemplated that the vessel would be employed for continuous trading.