NYPE time charter party – whether charterers’ silence after owners’ affirmation amounted to continued renunciation of contract.
The vessel was chartered on an amended NYPE form for 35/38 months. Midway through year two, after a history of late payments, interception of sub-charter hire and a formal notice to pay as a precursor to liquidation proceedings, owners put charterers on notice in terms of the withdrawal provisions.
Owners did not act upon the notice, but shortly thereafter decided to cancel due to continued failure of payment. Having made the decision, however, they allowed the vessel to discharge at the charterers’ expense pursuant to the terms of the contract.
On completion of discharge, owners withdrew the vessel and claimed damages.
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