London Arbitration 12/14

NYPE — TIME CHARTER — PERFORMANCE WARRANTY — SPEED AND CONSUMPTION — GOOD WEATHER CRITERIA — BREACH OF CHARTER — CONTRACT LANGUAGE — Owner Award

During a winter voyage the Vessel allegedly underperformed and Charterer subsequently argued that the Owner was in breach of the speed and consumption warranties. Owner countered that the Vessel’s performance warranty was not absolute, but instead, was only applicable during periods of good weather.