London Arbitration 13/10

NYPE 1946 -- VESSEL REJECTED DUE TO LACK OF COFR (CERTIFICATE OF FINANCIAL RESPONSIBILITY) -- CALCULATION OF DAMAGES -- Owner and Disponent Owner Award When Owner failed to provide the COFR, Sub-Charterer and subsequently Charterer cancelled the Time Charter (hereinafter, "Charter"). Given that the applicable clause in the Charter and Sub-Charter provides a remedy for delay due to not having the COFR and said remedy does not include cancelling the Charter (or Sub-Charter as the case may be), Panel rules in favor of Owner and subsequently Charterer (also referred as “Disponent Owner”) with the party wronged to be put into the position they would have been in had the Charter and Sub-Charter been fulfilled. The damages to be awarded are basis the market rate versus the Charter and Sub-Charter rates, respectively.