London Arbitration 11/23

TIME CHARTER – LATE REDELIVERY - IMO 2020 FUEL REGULATIONS – LIABILITY FOR DE-BUNKERING OF HSFO – DETERMINING VALUE OF HSFO - DISTRESSED SALE OF HSFO – HULL CLEANING – APPORTIONMENT OF COSTS – NYPE A dispute arose between disponent owners and charterers over a charterparty formed in May 2019. The charterparty was written based on the impending IMO 2020 fuel regulations. The vessel's redelivery was delayed due to cargo payment issues, causing it to have excess HSFO onboard after the regulation's deadline. Owners claimed losses, including voyage expenses, de-bunkering costs, HSFO value, cleaning expenses, port charges, and an outstanding hire balance. Charterers contested responsibility for late redelivery, arguing the contract did not explicitly cover HSFO-related issues and implying the owners were aware of the risks.
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