Lloyd's Shipping & Trade Law
Speed-consumption claims: establishing and extrapolating
A breach of a speed-consumption warranty is established by a sample performance of the vessel in qualifying good weather conditions within the relevant sea passage. The results are extrapolated throughout the sea passage, including bad weather periods, to qualify the loss suffered by the charterer through the breach. This article looks at establishing and extrapolating under the NYPE 1946 form, the most popular standard form for dry cargo time charters, followed by a quick comparison of the warranty in Shelltime 4, the most popular form used when time-chartering tankers.
Speed-consumption warranty in NYPE 1946
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