London Arbitration 10/26
NYPE – TIME CHARTER – HIRE – UNDERPERFORMANCE – THE KOSTAS MELAS This arbitration concerned a dispute under a time charter trip on an amended NYPE form for the carriage of logs. The owners sought a partial final award for unpaid hire of US$146,095, arguing that the charterers had wrongfully deducted hire in breach of clause 67 of the charterparty, which expressly stated: “No Hire deductions for alleged underperformance claims.” The charterers admitted that the deductions related to the vessel’s alleged poor performance, including lost time of 77.36 hours and additional bunker consumption. However, they argued that the tribunal should...
