Addison Shipping & Trading SA v. Bayoil Supply and Trading Ltd. (The “Sea World”) – SMA No. 3791, 10 Jun 2003

SHELLTIME -- ARBITRATION -- MARKET RATE -- CHARTER PARTY -- VOYAGE -- CHARTER -- Owner Award Although the Vessel was twenty days late for delivery, the disagreement at arbitration was the correct rate for the Vessel after this delay. The Charterers refused to grant the Owners the new market rate and cite the Charter Party clause which states that the final voyage must be completed "at the same rate and conditions" as in the Charter.