Progress Bulk Carriers Ltd. v. Tube City IMS LLC (The “Cenk Kaptanoglu”) – QBD (Comm. Ct.), 17 Feb 2012
GENCON — ECONOMIC DURESS — REPUDIATORY BREACH OF CONTRACT — VESSEL SUBSTITUTION — Charterer Award
Although Owner’s action of substituting the contracted vessel without notifying the Charterer created a repudiatory breach, the Charterer did not cancel the charter. Owner proposed a new vessel and promised to reimburse the Charterer for damages, however they later used economic leverage to gain a better deal during renegotiation.
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