London Arbitration 26/04

NYPE — CHARTER — VOYAGE — ARBITRATION — CONTRACT — RE-DELIVERED VESSEL BUNKER COSTS — Owner Award

The governing period charter rate, in this case, is defined by “per Platts Oilgram average on delivery.” However, the delivery day price was not available until after voyage, so the prior day’s rate was used and then updated when the delivery day price was published. The Charterer refuted this change arguing that the updated average became available only after delivery and was in breach of the contract.