GLORY WEALTH SHIPPING PTE LTD V KOREA LINE CORPORATION

[2011] EWHC 1819 (Comm), Queen's Bench Division Commercial Court, Mr Justice Blair, 14 July 2011

Charterparty (time) - Wrongful repudiation by charterer - No available market at time of repudiation - Measure of damages - Appeal of award on a point of law

The parties had concluded a time charter on an amended NYPE form from 21 June 2008 for a minimum of 36 months to maximum 38 months at a daily rate of US$39,800. In November 2008 the charterers purported to make early redelivery, which the owners accepted as a repudiatory breach entitling them to terminate the charterparty. The dispute was referred to LMAA arbitration. Charterers accepted that their termination of the charterparty in November 2008 was wrongful and the question was solely as to the determination of damages. In November 2008 there was no available market for the vessel and the owners continued on a spot fixing basis until June or July 2009 when the market revived.