London Arbitration 2/13

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NYPE — TIME CHARTER — BACK-TO-BACK CHARTERS — 1986 US TAX REFORM ACT — INEMNITY FOR US FREIGHT TAX — Charterer Award

Tax payable under U.S. Tax Code for transportation income earned by a nonresident alien or foreign corporation is potentially payable for the hire earned by the head owner as well as the income earned by the disponent owner, subject to any exemptions. In this instance the disponent owner was found to be exempt and, therefore, their request for indemnity from the sub-charterer had to fail.

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