Glory Wealth Shipping Pte Ltd v Korea Line Corporation (The "Wren") - QBD (Com Ct)(Blair J) - 14 July 2011

(2011) 827 LMLN 1

Charterparty - Damages - Time charter - Charterers wrongfully redelivering vessel early - Measure of damages - No available long-term charter market at date of termination - Relevance of later emergence of available long-term charter market

The Wren was chartered on an amended NYPE form for a minimum of 36 months. She was delivered into charter on 21 June 2008. As a result of the collapse in the market in the wake of the 2008 financial crisis the charterers wrongfully redelivered the vessel in November 2008. It was common ground that the charterers’ conduct amounted to a repudiatory breach, that the contract terminated in November 2008, and that at the time of termination there was no available market for a period charter of a duration that corresponded to the balance of the charterparty.