GOLDEN PRESIDENT SHIPPING CORPORATION V BOCIMAR NV (‘THE CHANNEL ALLIANCE’)

[2008] EWHC 130, QBD (Comm), Mr Justice Cooke, 31 January 2008

Charterparty (Time) – Extension – Profit sharing clause – Whether profit sharing clause applied also to extension at charterers option

A time charterparty for five years, two months molcopt which was extensible by two one-year periods at charterers option contained, besides the agreed rate of basic hire, a profit sharing clause. Allowing owners’ appeal, Cooke J held that this profit sharing clause applied also the extension period.