DS-Rendite-Fonds Nr 106 VLCC Titan Glory GmbH & Co Tankschiff KG and Others v. Titan Maritime SA and Others (The “Titan Glory”) – QBD (Comm. Ct.), 13 Nov 2013
LONG-TERM PERIOD TIME CHARTERS — CHARTER RESTRUCTURING AGREEMENT (CRA) — SEMI-ANNUAL HIRE ADJUSTMENT — CONTRACT CONSTRUCTION — Owner Award
Due to the financial challenges brought on by the market collapse of 2008/9, Owner and Charterer restructured the long-term period time charters for eight VLCCs. Under this new agreement, the hire would be derived on a month-to-month basis relative to the Clarkson Index and adjusted semi-annually. Disagreements arose with respect to the proper construction of the contract and interpretation of the semi-annual adjustment clause.
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