Glory Wealth Shipping Pte Ltd v. Flame SA – QBD (Comm. Ct.) – 23 February 2016

CONTRACT OF AFFREIGHTMENT - CHARTERER’S FAILURE TO NOMINATE CARGOES - OWNER A DISPONENT OWNER - ASSESSMENT OF OWNER’S LOSS - Owner Award A three year contract of affreightment was fixed to ship bulk commodities between 2009-2011. The global financial crisis caused Charterer to breach the COA by not nominating cargoes. Arbitrators would find that Owner had suffered no loss due to their utilization of third party companies to receive inward freight from the COA as well as pay outward freight to head owner. This decision was appealed by Owner with the intention being to prove Owner’s entitlement to $3 million in lost freight due to charterer’s breach.