New York arbitration - oil major approvals
- Date: 01/01/2003
In one case the owner Member sought to recover substantial damages for wrongful termination of a charterparty. The tribunal issued a unanimous award and found that the charterer was in breach by its cancellation and early re-delivery of the ship at a time when the ship possessed the requisite oil major approvals. The charterer was ordered to pay $7.45m together with attorney fees in excess of $500,000.
Another Member successfully recovered the full amount of their damages following the failure of a charterer to provide all eight cargoes under a contract of affreightment based upon the AMWELSH coal charter. The tribunal unanimously awarded $1.47m inclusive of interest and attorney fees.