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Shelltime 4 form – formula for payment of bunkers on redelivery defined.

The facts

Owners let the vessel to charterers on the Shelltime 4 form for a period of minimum eleven maximum thirteen months.

Clause 15 of the charter read as follows: “15. Charterers shall accept and pay for all bunkers on board at the time delivery, and owners shall on redelivery (whether it occurs at the end of the charter or on the earlier termination of this charter) accept and pay for all bunkers remaining on board at the price actually paid, on a first-in-first-out basis.  Such prices are to be supported by paid invoices”

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Charter Party Casebook