London Arbitration 17/21

Charterparty – Heavy lift charter – Non-payment of sums due from charterers – Whether charterparty frustrated – Demurrage at loading port – Whether notice of readiness valid – Reimbursement of war risks additional premium incurred by owners – Owners exercising rights of lien and stoppage in international waters and suspending further performance of vessel – Vessel drifting for 272 days – Whether suspension rights validly exercised by owners

By a charterparty on an amended BIMCO Heavycon 2007 form the claimant head owners (owners) chartered the subject heavy lift vessel to the respondent charterers for a single voyage. On the same day the charterers sub-chartered the vessel on similar terms, to sub-charterers.