London Arbitration 8/05

ARBITRATION -- VOYAGE -- DEMURRAGE -- SPEED WARRANTY -- SEAWORTHINESS -- SPEED WARRANTY – LOSS OF ANCHOR CHAINS -- UNSEAWORTHINESS OR UNSAFE PORT/BERTH - VALIDITY OF NOR -- Owner Award The arbitration following the Vessel’s voyage encompassed several key demurrage arguments. Disputes center around the Vessel speed warranty and the application of the word "about", the fault for broken anchor chains (Charterer port unsafety or Owner Vessel unseaworthiness), and the validity of subsequent NOR tender if the anchors were broken.