London Arbitration 12/13

Charterparty – Repudiation of time charter by charterers – Measure of damages – No available market at time of termination – Whether necessary to serve demand on guarantor

The vessel was chartered, while still under construction, for a period of 10 years plus or minus one month at a daily hire rate of US$19,000 per day. Hire was to be paid per calendar month in advance. The vessel was delivered to the charterers on 20 September 2009 by which time the market for the chartering of such vessels had fallen substantially.