In The Achilleas, Transfield Shipping Inc of Panama v Mercator Shipping Inc of Monrovia the House of Lords had to decide whether Time Charterers, who had redelivered the vessel 9 days late, were liable to pay US$1.3 million to Owners (on the basis that the follow-on fixture had to be renegotiated because the laycan was missed) or only US$158,301.17 (the difference between the charter and market rate for the 9 day overlap). The House of Lords has today ruled unanimously in Charterers’ favour, overturning the Court of Appeal, the Court of first instance and the decision of the majority arbitrators.

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