Lansat Shipping Co. Ltd. v. Glencore Grain BV (“The Paragon”) – QBD (Comm. Ct.), 25 Mar 2009
NYPE — LATE REDELIVERY — ILLEGITIMATE LAST VOYAGE — PENALTY CLAUSES — GENUINE PRE-ESTIMATE OF DAMAGES — Charterer Award
This ruling concerns a time charter clause which stipulates a remedy for a vessel’s late redelivery including compensation to the Owner if the market has risen and is calculated commencing a period of 30 days prior to the maximum period date until actual redelivery. The question posed to the Judges was, is that considered a penalty clause and thus illegal under English law?
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