EXMAR B V v. NATIONAL IRANIAN TANKER CO. (THE “TRADE FORTITUDE”)

[1992] 1 Lloyd's Rep. 169

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before His Honour Judge Diamond, Q.C. (Sitting as a Judge of the High Court)

Arbitration - Award - Interim award - Owners claimed and charterers cross-claimed for damages under charter - Owners claimed they were entitled to be paid undisputed part of their claim - Charterers contended they were entitled to rely on defence of equitable set-off - Whether arbitrators had a discretion not to make an interim award in favour of owners - Whether arbitrators erred in law in exercising that discretion.