London Arbitration 18/18

Charterparty – Interclub NYPE Agreement 2011 – Charterparty providing that liability for cargo claims should be apportioned as specified by Interclub NYPE Agreement – Cargo receivers bringing claim against owners – Owners providing security to prevent arrest of vessel – Whether charterers required to provide counter-security

The subject vessel was chartered by the claimant disponent owners (the owners) to the respondent charterers on an NYPE 1946 form with additional clauses. Following one of the voyages the cargo receivers and their subrogated underwriters (the cargo insurers) raised a cargo claim against the head owners for alleged damage amounting to US$900,000.