London Arbitration 1/13

Charterparty – NYPE form – Addendum – Charterers agreeing to pay specified sum to owners for early redelivery – Redelivery delayed due to engine breakdown – Whether owners precluded from recovering specified sum by reason of prior cancellation by charterers – Whether owners had complied with conditions for recovery of specified sum – Whether sums due to charterers for breach of charter and/or off-hire.

The vessel was chartered on the NYPE form for a period of nine months. Six months into the charter period the charterers approached the owners saying that they were having difficulty in fixing cargoes.