Olympia Sauna Shipping Co. S.A. v. Shinwa Kaiun Kaisha Ltd. (The Ypatia Halcoussis) - Q.B.D. (Com.Ct.) (Bingham J.) - 12 June 1985

Favourable balance of account figure unintentionally omitted by party entering into compromise agreement - Whether agreement should be rectified

The plaintiff shipowners chartered their vessel Ypatia Halcoussis to the defendants under the NYPE form for one round trip. At the conclusion of the charter the defendants submitted a hire statement dated 3 July 1981. Deductions from hire were made for bunkers and for an alleged off-hire period of 13 days. The balance in charterers’ favour was shown as $74,857.