International time charter – London arbitration clause – local statute stipulating interest at 12.75% per annum not applicable to capital awarded in arbitration
The vessel, owned in the Marshall Islands, registered in Panama, managed in Greece was chartered by German charterers for a trip time charter on an amended NYPE form concluded at Antwerp.
The vessel was delivered into service on passing Aden and was to be re-delivered at one safe port or passing Muscat outbound/Singapore range in charterers’ option.
The vessel loaded steel products at Tuapse, Odessa and Constanza, and discharged at Jebel Ali, Karachi and Mumbai.
Hire was payable in US dollars into a bank account in Greece.
The charterparty contained an English law and London arbitration clause reading, in part, as follows:-
“The contract is governed by English law and there shall apply to arbitration proceedings under this clause the terms of the London Maritime Arbitrators’ Association current at the time when arbitration proceedings are commenced.”
Charterers’ claim for deductions from hire was referred to arbitration.
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