Glory Wealth Shipping Pte. Ltd. v. North China Shipping Ltd. (The “North Prince”) – QBD (Comm. Ct.), 8 July 2010

TIME CHARTER -- EARLY REDELIVERY -- MEASURE OF DAMAGES -- Owner Award The Court reaffirmed the tribunal’s decision that when assessing damages for early redelivery under a time charter the difference between the contract rate and the market rate is awarded. The tribunal assessed the "market rate" utilizing the Vessel’s actual fixtures as its basis and awarded damages for the remainder of the minimum charter period (despite the fact that the Disponent Owner redelivered the Vessel 22 days prior to the contractual expiry to the Head Owner). The Court ruled that early redelivery by the Disponent Owner is irrelevant when assessing damages unless the early redelivery resulted from Sub-Charterer’s breach.