Regal Seas Maritime SA v Oldendorff Carriers GmbH & Co KG (The “New Hydra”) – QBD (Comm Ct) (Sir Nigel Teare, sitting as a High Court Judge) [2021] EWHC 566 (Comm) – 11 March 2021

Charterparty – Hire – Hire to be calculated by reference to Baltic Capesize Index “plus 4% for size adjustment” – Baltic Exchange changing size of benchmark vessel during course of charter – Whether implied term that percentage size adjustment should be revised so as to become a reasonable percentage size adjustment

On 22 November 2013 the vessel New Hydra was time-chartered on an amended NYPE form for a period of three years with options for the charterers to extend the charter by two further periods of one year. In the event, both options were exercised.