Golden Strait Corp. v. Nippon Yusen Kubishika Kaisha (The “Golden Victory”) – QBD(Comm. Ct.), 15 Feb 2005

TIME CHARTER — WRONGFUL CANCELLATION — WAR OUTBREAK — COMPENSATION FOR MARKET LOSS — Charterer Award

The Owners began arbitration when the Time-Charterers returned the Vessel in 2001, several years before the conclusion of their time charter period without reimbursement for the remainder of the charter. The Owners argued that the Time-Charterers were liable for the outstanding payment and demanded compensation. Conversely, the Time-Charterers cited a wartime exception clause which made them indebted only up to the Second Gulf War in 2003.