Measure of damages – vessel redelivered prematurely resulting in sale of vessel – whether the difference in actual sale price and projected sale price at conclusion of charter to be brought into account.
The vessel, a cruise ship was let on the NYPE form from February 2004 until November 2009.
Charterers repudiated the charter in August 2007 and the vessel was redelivered in October 2007.
The vessel was sold there and then for substantially more than the vessel would have been worth in November 2009 after the collapse of Lehman brothers and the global financial crisis.
Charterers argued at the arbitration which took place in 2013 that owners were obliged to reduce their damages by the difference in the sale price of the vessel.
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