Changes

In other words, as the judge noted, the profit figure of USD679,037 was a net figure. In awarding Charterers’ losses, the tribunal added to the net lost profit figure for the notional voyages the wasted expenditure for bunkers and hire from 22 July to 26 October.

In the judge’s view the tribunal’s identification and application of the compensatory principle was not obviously wrong, with the award of lost profits and wasted expenditure on hire and bunkers here being in line with the leading texts (fn.4), having thereby avoiding overlap in recovery.

(2) Available Market, Profitable Fixtures & Loss of Chance