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.
parties, the owner of the cruise ship
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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