London Arbitration 16/16

TIME CHARTERS NOVATED UPON NEW VESSEL OWNERSHIP - WHETHER NEW TIME CHARTERS ARE TO UPHOLD THE SAME SPEED AND PERFORMANCE WARRANTIES AS ORIGINAL CHARTERS - TRUE CONSTRUCTION OF CHARTERPARTIES Time charters contained speed and consumption warranties. Upon new ownership these charters included a phrase which owner contended replaced the original warranties with a warranty that the vessels would perform as they were the minute the new charters were concluded. Charterer disagreed and the panel was tasked to determine which warranties were contained in the new charters.