Glory Wealth Shpping Pte. Ltd. v. Korea Line Corp. (The “Wren”) – QBD (Comm. Ct.), 14 July 2011

NYPE -- REPUDIATED TIME-CHARTER -- MEASURE OF DAMAGES -- Charterer Award and Seller Award This court case is an appeal by Charterer of an arbitration award. When the economy went sour, Charterer wrongfully repudiated a time-charter contract. At the time of the repudiation there was no available long-term charter market on which to base Owner’s damages. About six months later an available market developed. The arbitration panel awarded Owner damages using a hybrid assessment: actual losses based on spot trading and then market losses once a long-term charter market emerged (despite Owner opting, for own business reasons, to continue trading on the spot market).
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