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.
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