London Arbitration 20/22

Charterparty – Uplift Clause permitting increase in hire rate if agreed amount of additional fuel supplied – Whether Uplift Clause triggered by supply of lesser amount within “abt” margin – Correction of errors – Rectification – Variation

The disputes arose under a time charter evidenced by a fixture recap dated 10 November 2019 and a pro-forma NYPE 1946 Time Charter dated 22 February 2019. By the charterparty, the owners agreed to let and the charterers agreed to hire a vessel for one time charter trip of duration about 40 days without guarantee. The hire rate was US$7,400 per day.