Voyage charterparty – measure of damages – owners not entitled to loss of profits and detention simultaneously
The charterparty was for a voyage, one or two safe ports West Africa to one or two safe ports ranging from Europe to the USA.
Charterers intended to lift crude oil at Forcados, Nigeria and carry it to their refinery at Wilhelmshaven.
After the vessel arrived at Forcados, suppliers reneged on their contract which led to repudiation by charterers and cancellation by owners.
Owners obtained a substitute fixture for a voyage from Kole, Cameroon to St James, Mississippi.
A panel of three arbitrators awarded the owners the difference in freight between the first charter and the substitute charter, calculated over the period it would have taken to complete the first charter. Also they awarded damages for detention calculated at the demurrage rate over the period from the expiry of laytime on the first charter to the commencement of loading on the second charter.
This content is restricted to site members. If you are an existing user, please login. New users may register below.