Precious Opals Ltd. v. Helena Chartering Inc. (The “Opal Naree”) – SMA No. 4096, 29 Oct 2010

NYPE 93 -- DEFICIENT SPEED -- BUNKER VALUATION -- EARLY REDELIVERY -- PREMIUM HIRE -- OFF-HIRE -- BANK CHARGES -- Partial Owner Award This arbitration resolved a number of different disputes under a time charter. These included the calculation of the deduction for a speed deficiency, Charterer proactively deducting from hire the speed deficiency rather than claiming from Owner as stipulated by the Charter Party, early redelivery and the valuation of bunkers on redelivery, an alleged shortage of IFO during the time charter period, whether Charterer was to pay a premium whilst the Vessel cleaned the holds after the cargo requiring a premium had been discharged, off-hire calculations whilst the Vessel had a crane breakdown yet wherein no loss of time was encountered, excessive address commission being deducted from "hire" paid when redelivering early and finally, insufficient payment by Charterer as a result of “nominal” Bank Charges.