London Arbitration 3/07

Charterparty – Late redelivery under time charter – Redelivery notices – Nature of charterers’ obligation – Whether charterers in breach of notice requirements – Whether charterers entitled to rely on mutual exceptions clause

In the summer of 2004 the vessel was chartered by head owners (“owners”) on an amended NYPE form for a period of “min 3 to about 5 months where about means 10 days more or less in charterers option” (line 14) at a hire rate of US$24,250 per day. The charterparty also provided: