Time C/P Disputes

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DMC/SandT/17/08

England

Fulton Shipping Inc v Globalia Business Travel SAU (The “New Flamenco”)

United Kingdom Supreme Court: Neuberger, Mance, Clarke, Sumption and Hodge SCJJ: [2017] UKSC 43: 28 June 2017:[[1]]

TIME CHARTER: REPUDIATION: QUANTUM: WHETHER CREDIT TO BE GIVEN FOR CAPITAL VALUE OF VESSEL SOLD ON REPUDIATION FOR A GREATER SUM THAN VALUE ON CONTRACTUAL REDELIVERY DATE: ARBITRATION ACT 1996 SECTION 69 APPEAL


DMC/SandT/17/07

England

Gard Marine & Energy Ltd v China National Chartering Co Ltd and another/China National Chartering Co Ltd v Gard Marine & Energy Ltd and another/Daiichi Chuo Kisen Kaisha v Gard Marine & Energy Ltd and another (The “Ocean Victory”)

United Kingdom Supreme Court: Mance, Clarke, Sumption, Hodge and Toulson SCJJ: [2017] UKSC 35: 10 May 2017:United Kingdom Supreme Court: Mance, Clarke, Sumption, Hodge and Toulson SCJJ: [2017] UKSC 35: 10 May 2017:[[2]]

DEMISE CHARTERPARTY: TIME CHARTERPARTY: CONTACT WITH BREAKWATER AND GROUNDING AT PORT RESULTING IN CONSTRUCTIVE TOTAL LOSS AND WRECK REMOVAL OF VESSEL: WHETHER LOSS CAUSED BY BREACH OF SAFE PORT UNDERTAKING OR BY AN ABNORMAL OCCURRENCE: WHETHER SUBROGATED RIGHTS OF HULL INSURERS AND INSURED LOSSES OF OWNERS AGAINST DEMISE CHARTERERS PRECLUDED BY DEMISE CHARTERPARTY TERMS: WHETHER TIME CHARTERERS ENTITLED TO LIMIT LIABILITY AGAINST HULL INSURERS AND OWNERS: BARECON 89 FORM: MERCHANT SHIPPING ACT 1995: CONVENTION ON LIMITATION OF LIABILITY FOR MARITIME CLAIMS 1976


DMC/SandT/17/03

England

SPAR SHIPPING AS v GRAND CHINA LOGISTICS HOLDING (GROUP) CO LTD (THE “SPAR CAPELLA”, “SPAR VEGA” AND “SPAR DRACO”)

Court of Appeal; Sir Terence Etherton MR, Gross and Hamblen LJJ; [2016] EWCA Civ 982; 7 October 2016:[[3]]

NYPE 1993 FORM TIME CHARTERPARTY: WHETHER THE CHARTERERS’ DUTY TO PAY HIRE IS A CONDITION OR AN INNOMINATE TERM: WHETHER THE CHARTERERS’ CONDUCT AMOUNTED TO REPUDIATORY BREACH OF THE TIME CHARTER


DMC/SandT/16/06

England

NYK Bulkship (Atlantic) NY v Cargill International SA, The “Global Santosh”

Court; Lords Neuberger, Mance, Clarke, Sumption, Toulson; [2016] UKSC 20; 11 May 2016:[[4]

OFF-HIRE CLAUSE RE DELAY ARISING FROM ARREST OF VESSEL: WHETHER ACTS OF RECEIVERS AND SUB-CHARTERERS WERE TO BE CONSIDERED “DEFAULT OF THE CHARTERERS OR THEIR AGENTS”


DMC/SandT/16/03

England

SBT Star Bulk & Tankers (Germany) GmbH & Co KG v Cosmotrade SA (The “Wehr Trave”)

English Commercial Court: Eder J: [2016] EWHC 583 (Comm): 22 March 2016:[[5]]

TIME CHARTER TRIP: WHETHER THE PARTICULAR TERMS OF THE CHARTER PERMITTED CHARTERERS TO ORDER THE VESSEL TO LOAD A FURTHER CARGO AFTER THE INITIAL CARGO HAD BEEN DISCHARGED: ARBITRATION ACT 1996 SECTION 69 APPEAL


DMC/SandT/16/02

England

Fulton Shipping Inc v Globalia Business Travel SAU (The “New Flamenco”)

English Court of Appeal: Longmore, Christopher Clarke and Sales LLJ: [2015] EWCA Civ 1299: 21 December 2015:[[6]

TIME CHARTER: REPUDIATION: QUANTUM OF DAMAGES: WHETHER CREDIT TO BE GIVEN FOR CAPITAL VALUE OF VESSEL SOLD ON REPUDIATION FOR A GREATER SUM THAN ITS VALUE ON CONTRACTUAL REDELIVERY DATE: ARBITRATION ACT 1996 SECTION 69 APPEAL


DMC/SandT/15/10

England

Maestro Bulk Ltd v Cosco Bulk Carrier Ltd, the “Great Creation”

English High Court; Cooke J; [2014] EWHC 3978 (Comm), 15 December 2014:[[7]]

TIME CHARTERPARTY: UNTIMELY REDELIVERY NOTICES: “BELOW MARKET” FOLLOW-ON FIXTURE: HOW DAMAGES TO BE CALCULATED: MITIGATION


DMC/SandT/15/07

England

Spar Shipping AS v Grand China Logistics Holding (Group) Co., Ltd

English High Court: Queen's Bench Division Commercial Court: [2015] EWHC 718 (Comm): Popplewell J.: 18 March 2015[[8]]

NYPE 1993 FORM TIMECHARTER: FAILURE TO PAY HIRE ON TIME: WHETHER BREACH OF CONDITION: WHETHER BREACH OF AN INNOMINATE TERM: RIGHT TO CLAIM DAMAGES FOR LOSS OF BARGAIN: WHETHER CHARTERER’S CONDUCT AMOUNTED TO REPUDIATORY BREACH OF CONTRACT


DMC/SandT/15/06

England

Gard Marine & Energy Ltd (Respondents/Claimants) v China National Chartering Co. Ltd (Intermediate Charterers) and China National Chartering Co. Ltd v Daiichi Chuo Kisen Kaisha (Charterers/Appellants) - The “Ocean Victory”: [[9]]

English Court of Appeal: Longmore, Gloster and Underhill LJJ: [2015] EWCA Civ 16: 22 January 2015:

SAFE PORT: WHETHER COMBINATION OF ‘LONG WAVE’ SWELL AND A SEVERE GALE AN ‘ABNORMAL OCCURRENCE’: SUBROGATION: WHETHER INSURER OF BOTH PARTIES TO A BARECON CHARTERPARTY MAY SUE AN ASSURED FOR BREACH OF CHARTER


DMC/SandT/15/01

England

NYK Bulkship (Atlantic) NY v Cargill International SA, The “Global Santosh”

Court of Appeal; Gross LJ, Gloster LJ, Sir Burnton; [2014] EWCA Civ 403, 8 April 2014:[[10]]

OFF-HIRE CLAUSE RE DELAY ARISING FROM ARREST OF VESSEL: WHETHER SUB-CHARTERERS AND RECEIVERS WERE ‘AGENTS’ OF THE CHARTERERS: WHETHER THE PERSONAL ACT, OMISSION OR DEFAULT TO WHICH CLAUSE REFERRED MUST HAVE OCCURRED DURING PROVISION OF RELEVANT SERVICES


DMC/SandT/14/15

England

Fulton Shipping Inc v Globalia Business Travel SAU (The “New Flamenco”)

English Commercial Court: Popplewell J: [2014] EWHC 1457 (Comm): 21 May 2014:[[11]]

TIME CHARTER: REPUDIATION: QUANTUM: WHETHER CREDIT TO BE GIVEN FOR CAPITAL VALUE OF VESSEL SOLD ON REPUDIATION FOR A GREATER SUM THAN VALUE ON CONTRACTUAL REDELIVERY DATE: ARBITRATION ACT 1996 SECTION 69 APPEAL


DMC/SandT/14/14

England

Geden Operations Ltd v Dry Bulk Handy Holdings Inc (The “Bulk Uruguay”)

English Commercial Court: Popplewell J: [2014] EWHC 885 (Comm): 28 March 2014[[12]]

TIME CHARTER: ANTICIPATORY REPUDIATORY BREACH: RIGHT TO GIVE VOYAGE ORDERS TO TRANSIT GULF OF ADEN: ARBITRATION ACT 1996 SECTION 69 APPEAL


DMC/SandT/14/05

England

Bulk Ship Union SA v Clipper Bulk Shipping Limited (The "Pearl C")

English High Court: Popplewell J.: 26 June 2012 [2012] 2 Lloyd’s Rep. 533:[[13]]

TIMECHARTER ON NYPE FORM: SLOW STEAMING: WHETHER A BREACH OF ‘UTMOST DESPATCH’ OBLIGATION: WHETHER VESSEL OFF-HIRE BY REASON OF DEFAULT OF MASTER: WHETHER PARTIAL INTERRUPTION IN SERVICE SUFFICIENT TO TRIGGER OFF-HIRE CLAUSE


DMC/SandT/14/01

England

Minerva Navigation Inc v Oceana Shipping AG; Oceana Shipping AG v Transatlantica Commodities S.A. The MV “Athena”

Court of Appeal; Tomlinson, Lewison and Underhill LJJ; [2013] EWCA Civ 1723; 17 July 2013:[[14]]

TIME CHARTER ON NYPE FORM 1946: OFF-HIRE CLAUSE 15: WHETHER “LOSS OF TIME” MEANS NET LOSS OF TIME IN THE SERVICE IMMEDIATELY REQUIRED OR IN THE OVERALL CHARTER SERVICE


DMC/SandT/13/16

England

NYK Bulkship (Atlantic) N.V. v Cargill International S.A., The “Global Santosh”

English High Court; Field J; [2013] EWHC 30 (Comm); 1 February 2013:[[15]]

PERIOD OFF-HIRE CLAUSE COVERING DELAY ARISING FROM DETENTION OR ARREST OF VESSEL: WHETHER SUB-CHARTERERS OR RECEIVERS WERE AGENTS OF THE CHARTERERS: WHETHER DELAY TO VESSEL “OCCASIONED BY” RECEIVERS’ FAILURE TO DISCHARGE WITHIN THE LAYTIME AND/OR TO SECURE SELLERS’ DEMURRAGE CLAIM


DMC/SandT/13/15

England

Greatship (India) Limited v Oceanografia SA de CV (The “Greatship Driti”)

English Commercial Court: Gloster J: [2012] EWHC 3468 (Comm): 5 December 2012:[[16]]

TIME CHARTER: BIMCO SUPPLYTIME 89 FORM: CLAUSE 10(E): RIGHT TO SUSPEND PERFORMANCE FOR FAILURE TO PAY HIRE PUNCTUALLY: WHETHER GRACE PERIOD (ANTI-TECHNICALITY) NOTICE REQUIRED BEFORE EXERCISING RIGHT


DMC/SandT/13/14

England

Minerva Navigation Inc v Oceana Shipping AG; Oceana Shipping AG v Transatlantica Commodities S.A. The MV “Athena”

English High Court; Walker J; [2012] EWHC 3608 (Comm); 13 December 2012:[[17]]

TIMECHARTER ON NYPE FORM 1946: OFF-HIRE CLAUSE 15: WHETHER “LOSS OF TIME” MEANS NET LOSS OF TIME IN THE SERVICE IMMEDIATELY REQUIRED OR IN THE OVERALL CHARTER SERVICE


DMC/SandT/13/10

The Netherlands

Dana Petroleum Netherlands B.V. v Vos Sympathy B.V. The “Vos Sympathy”

Court of Appeal of The Hague: Judges: M.M. Olthof, A.A. Rijperman and R. van der Vlist: 11 December 2012: Case no. 200.079.897/01:[[18]]

SUPPLYTIME 2005 CHARTERPARTY: WHETHER HIMLAYA AND KNOCK FOR KNOCK CLAUSES 'REASONABLE AND FAIR' UNDER DUTCH CIVIL CODE ART.6:248.2


DMC/SandT/13/09

England

White Rosebay Shipping SA v Hong Kong Chain Glory Shipping Limited

English High Court: Queen’s Bench Division: Commercial Court; Teare J; [2013] EWHC 1355 (Comm); 23 May 2013:[[19]]

TIME-CHARTERPARTY: CHARTERERS EVINCING INTENTION NOT TO PERFORM: OWNERS AFFIRMED CHARTERPARTY: WHETHER CHARTERERS’ REPUDIATORY CONDUCT CONTINUED: WHETHER OWNERS SUBSEQUENTLY ENTITLED TO TERMINATE


DMC/SandT/13/07

England

Bunge SA v Kyla Shipping Company Limited - The "Athena"

English High Court; Flaux J; [2012] EWHC 3522 (Comm); 10 December 2012:[[20]]

NYPE 1946 CHARTERPARTY: H&M INSURANCE REQUIRED FOR AGREED FIGURE: CASUALTY REPAIRS EXCEED SHIP’S MARKET VALUE BUT NOT AGREED HULL VALUE: WHETHER CHARTERPARTY FRUSTRATED


DMC/SandT/13/06

England

Kuwait Rocks Co v AMN Bulkcarriers Inc (The “Astra”)

English Commercial Court: Flaux J: [2013] EWHC 865 (Comm): 18 April 2013: [[21]]

TIME CHARTER: WHETHER CHARTERERS’ CONDUCT REPUDIATORY: WHETHER OBLIGATION TO PAY HIRE IS A CONDITION: RIGHT TO CLAIM LOSS OF PROFIT FOR REPUDIATION OR BREACH OF HIRE PAYMENT OBLIGATION


DMC/SandT/13/03

England

Dry Bulk Handy Holding Inc and Compania Sud Americana de Vapores SA v Fayette International Holdings Ltd and Metinvest International SA (The “Bulk Chile”): English Commercial Court: Andrew Smith J: [2012] EWHC 2107 (Comm): 24 July 2012:[[22]]

CHAIN OF CHARTERPARTIES: HEAD TIME CHARTER, SUB-TIME CHARTER, TIME TRIP CHARTER AND VOYAGE CHARTER: OWNERS’ BILLS OF LADING: RIGHT TO INTERVENE IN COLLECTION OF FREIGHT: RIGHT TO LIEN SUB-FREIGHT AND SUB-HIRE: RIGHT TO HIRE OR REASONABLE REMUNERATION FOR COMPLETION OF VOYAGE FOLLOWING TERMINATION OF TIME CHARTER


DMC/SandT/12/21

England

TAOKAS NAVIGATION SA v. KOMROWSKI BULK SHIPPING KG (GMBH & CO); KENT LINE INTERNATIONAL LTD. v. SOLYM CARRIERS LTD THE MV “PAIWAN WISDOM”

English High Court; Teare J; [2012] EWHC 1888 (Comm); 11 July 2012: [[23]]

CONWARTIME 2004: OWNERS’ LIBERTY TO REJECT VOYAGE ORDERS: MATERIAL INCREASE IN RISK BETWEEN CHARTERPARTY DATE AND DATE OF ORDER NOT REQUIRED: CONTRACTUAL INTERPRETATION


DMC/SandT/12/20

England

Petroleo Brasileiro SA v ENE Kos 1 Ltd

United Kingdom Supreme Court: Lords Phillips, Walker, Mance, Clarke and Sumption: [2012] UKSC 17, [2012] 2 WLR 976: 2 May 2012:[[24]]

TIME CHARTERPARTY: SHELLTIME 3 FORM: VESSEL WITHDRAWN FOR NON-PAYMENT OF HIRE WHILST LOADING: LOSS OF USE OF VESSEL: EXPENSES INCURRED IN DISCHARGING CARGO BACK TO SHORE: WHETHER LOSS AND EXPENSE RECOVERABLE UNDER INDEMNITY CLAUSE: WHETHER RECOVERABLE AS RIGHT CORRELATIVE TO DUTY AS BAILEE TO LOOK AFTER GOODS: WHETHER CHARTERERS’ ORDER TO LOAD AN EFFECTIVE CAUSE...


DMC/SandT/12/18

England

EITZEN BULK A/S v. TTMI SARL - THE “BONNIE SMITHWICK”

English High Court; Eder J; [2012] EWHC 202 (Comm); 14 February 2012:[[25]]

SHELLTIME 4: CONTRACTUAL INTERPRETATION: “BUNKERS ON DELIVERY/REDELIVERY” CLAUSE: MEANING OF ‘PRICE ACTUALLY PAID’


DMC/SandT/12/16

England

M.H. Progress Lines SA v Orient Shipping Rotterdam BV and other, The “Genius Star 1”

English Queen’s Court (Commercial Court): Teare J: [2011] EWHC 3083 (Comm), [2012] 1 Lloyd’s Rep 222: 28 November 2011:[[26]]

TIME CHARTERPARTY: SUB-CHARTER: CARGO CLAIM AGAINST SUB-CHARTERER: APPORTIONMENT OF CLAIMS AGAINST CHARTERER AND SHIPOWNER UNDER INTER-CLUB AGREEMENT 1996: DIFFERENT TIME BARS PROVIDED IN HEAD CHARTER AND INTER-CLUB AGREEMENT: APPLICABLE TIME BAR


DMC/SandT/12/14

England

Isabella Shipowner SA v Shagang Shipping Co Ltd (The “Aquafaith”)

English Commercial Court: Cooke J: [2012] EWHC 1077 (Comm): 26 April 2012:[[27]]

TIME CHARTERPARTY: ARBITRATION ACT 1996 SECTION 69 APPEAL: AMENDED NYPE FORM: RULE IN WHITE AND CARTER V MCGREGOR: WHETHER OWNERS OBLIGED TO ACCEPT PREMATURE RE-DELIVERY OF VESSEL BY CHARTERERS


DMC/SandT/12/11

England

Osmium Shipping Corporation v Cargill International SA (The “Captain Stefanos”)

English Commercial Court: Cooke J: [2012] EWHC 571 (Comm): 13 March 2012: [[28]]

TIME CHARTERPARTY: ARBITRATION ACT 1996 SECTION 69 APPEAL: AMENDED NYPE (1946) FORM INCORPORATING CONWARTIME 2004: WHETHER VESSEL WAS OFF-HIRE DURING PERIOD OF HIJACKING BY SOMALI PIRATES: WHETHER RIDER CLAUSE PROVIDING FOR OFF-HIRE DURING “CAPTURE/SEIZURE” WAS QUALIFIED BY THE PHRASE “BY ANY AUTHORITY”: WHETHER CONWARTIME 2004 CLAUSE QUALIFIED OFF-HIRE RIDER CLAUSE


DMC/SandT/12/07

England

Hyundai Merchant Marine Company Limited v Trafigura Beheer BV (The “Gaz Energy”)

English Commercial Court: Flaux J: [2011] EWHC 3108 (Comm): 29 November 2011:[[29]]

TIME CHARTER: SPEED AND PERFORMANCE WARRANTY: PROPER CONSTRUCTION OF CHARTER: WHETHER SPEED AND PERFORMANCE AN “ALL WEATHERS” WARRANTY OR LIMITED TO “MAXIMUM WIND FORCE 4 ON BEAUFORT SCALE”


DMC/SandT/12/04

England

Pacific Basin IHX Limited v Bulkhandling Handymax AS (The “Triton Lark”): English Commercial Court: Teare J: [2011] EWHC 2868 (Comm): 8 November 2011:[[30]]

TIME CHARTER: PIRACY RISKS IN GULF OF ADEN IN 2008: CONWARTIME 1993/2004 CLAUSE: ARBITRATION APPEAL: SECTION 69 OF ARBITRATION ACT 1996: CORRECT TEST FOR ASSESSING RISK OF PIRACY INCIDENT OCCURING FOR PURPOSE OF 1993/2004 CLAUSE: WHETHER OWNERS DEVIATED BY REROUTING VESSEL VIA CAPE OF GOOD HOPE INSTEAD OF GULF OF ADEN


DMC/SandT/11/24

England

Glory Wealth Shipping Pte Limited v Korea Line Corporation

English High Court: Queen’s Bench Division (Commercial Court): Blair J: [2011] EWHC 1819 (Comm): 22 June 2011:[[31]]

TIME CHARTERPARTY: WRONGFUL TERMINATION BY CHARTERERS: ASSESSMENT OF DAMAGES: NO AVAILABLE MARKET FOR BALANCE OF CHARTER PERIOD AT TIME OF TERMINATION: EFFECT OF REVIVAL OF MARKET AT A LATER STAGE


DMC/SandT/11/06

English Commercial Court

Dalwood Marine v Nordana Line A/S, The “Elbrus”; Queen’s Bench Division (Commercial Court): Teare J: [2009] EWHC 3394 (Comm), [2010] 2 All ER (Comm) 802: 21 December 2009:[[32]]

TIME CHARTERPARTY: WRONGFUL EARLY TERMINATION BY CHARTERERS: DAMAGES: WHETHER HIRE EARNED BY SHIPOWNERS IN SUBSTITUTE FIXTURE WHICH EXTENDED BEYOND REMAINDER OF ORIGINAL CHARTER RELEVANT TO ASSESSMENT


DMC/SandT/10/24

England

Zodiac Maritime Agencies Limited v Fortescue Metals Group Limited

Queen’s Bench Division (Commercial Court): David Steel J: [2010] EWHC 903 (Comm): 28 April 2010[[33]]

CONSECUTIVE VOYAGE CHARTERPARTY: WRONGFUL EARLY TERMINATION BY CHARTERER: DAMAGES: WHETHER “AVAILABLE MARKET” WHEN CHARTERPARTY TERMINATED: WHETHER SUBSEQUENT EMERGENCE OF MARKET DURING THE BALANCE OF CHARTER PERIOD RELEVANT TO THE ASSESSMENT OF DAMAGES


DMC/SandT/10/23

England

ENE 1 Kos Limited v Petroleo Brasileiro SA[[34]]

English Court of Appeal (Civil): Longmore and Smith LJJ and Sir Mark Waller: [2010] EWCA Civ 772: 6 July 2010

TIME CHARTERPARTY: SHIP WITHDRAWN FOR NON-PAYMENT OF HIRE WHILST LOADING CARGO: CARGO DISCHARGED BACK TO SHORE TWO DAYS LATER: WHETHER SHIPOWNER COULD CLAIM REMUNERATION AT MARKET RATE FOR STORING THE CARGO DURING THAT PERIOD: WHETHER REMUNERATION DUE UNDER IMPLIED TERM OR AS QUANTUM MERUIT: WHETHER DUE AS RIGHT CORRELATIVE TO DUTY OF LOOKING AFTER GOODS: WHETHER SHIPOWNER COULD RECOVER COSTS OF PROVIDING BAIL BOND


DMC/SandT/10/21

England

Cosco Bulk Carrier Co Ltd v Team-Up Owning Co Ltd – The “Saldanha”[[35]]

English High Court: Gross J.: 11 June 2010 [2010] EWHC 1340 (Comm)

NYPE FORM CHARTERPARTY: PIRACY: WHETHER SHIP OFF-HIRE DURING DETENTION BY PIRATES: AVERAGE ACCIDENTS TO SHIP OR CARGO: DEFAULT OR DEFICIENCY OF MEN: ANY OTHER CAUSE PREVENTING THE FULL WORKING OF THE VESSEL


DMC/SandT/10/20

England

Glory Wealth Shipping Pte Ltd v North China Shipping Limited (M/V “North Prince”)[[36]]

Queen’s Bench Division (Commercial Court): David Steel J: [2010] EWHC 1692 (Comm): 8 July 2010

TIME CHARTERPARTY: WRONGFUL EARLY REDELIVERY OF VESSEL BY SUB-CHARTERER: DAMAGES AS DIFFERENCE BETWEEN MARKET RATE OF HIRE AND CONTRACT RATE OF HIRE: DISPONENT SHIPOWNER’S EARLY REDELIVERY OF VESSEL UNDER HEAD CHARTER IRRELEVANT UNLESS CAUSED BY SUB-CHARTERER’S REPUDIATION


DMC/SandT/10/19

English High Court

Omak Maritime Ltd v Mamola Challenger Shipping Co[[37]]

Queen’s Bench Division (Commercial Court): Teare J: [2010] EWHC 2026 (Comm): 4 August 2010

TIME CHARTERPARTY: BREACH OF CONTRACT BY CHARTERER: MARKET RATE OF HIRE HIGHER THAN CONTRACT RATE OF HIRE: SHIPOWNER’S CLAIM FOR WASTED EXPENDITURE: RELATION WITH PRINCIPLE IN ROBINSON V HARMAN


DMC/SandT/10/14

English High Court

Sylvia Shipping Co Limited v Progress Bulk Carriers Limited [[38]]

[2010] EWHC 542 (Comm): English High Court of Justice - Commercial Court; Hamblen J.; 18 March 2010

ARBITRATION APPEAL: TIMECHARTERPARTY: MEASURE OF DAMAGES FOR OWNERS’ BREACH: WHETHER OWNERS LIABLE FOR TIMECHARTERERS’ LOSS OF PROFIT ON CANCELLED SUB-CHARTER