London Arbitration 7/26

Time charter - NYPE form - Charterers' counterclaim for wrongful arrest of another vessel - Order for security for the owners' costs of defending the counterclaim - Peremptory order - Whether the counterclaim should be dismissed for failure to provide security for costs.

This was the second partial final award (PFA) in the reference in which the award summarised in London Arbitration 6/26, (2026) 1028 LMLN 2, was the first.