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The New Flamenco: defining mitigation of loss

Lloyd's Shipping & Trade Law

The New Flamenco: defining mitigation of loss

The Supreme Court has ruled that in calculating damages for the repudiation of a charterparty, shipowners were not obliged to give credit to charterers for sale proceeds made by a sale in opportune market conditions. Reversing the decision of the Court of Appeal, the highest court held that damages owed by charterers for the repudiation of the charterparty should be calculated without taking into account that benefit.

The parties, the owner of the cruise ship New Flamenco and the time charterers under a charterparty on NYPE 93 terms, had agreed to extend the charterparty by two years, ending in November 2009.

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