Odfjell Seachem AS v. Tokyo Marine Co. Ltd. (The “Bow Petros”) – SMA No. 3922, 19 Apr 2006

ASBATANKVOY -- LAYTIME -- PRORATED -- CHARTER PARTY -- CARGO -- DEMURRAGE -- PARCEL TANKER -- ARBITRATION -- Owner Award The original Charter Party contained no stipulation on laytime rates, so in order to incentivize payment, the Owners gave a gratis prorated cost for time at port. However, when the demurrage claim became outstanding, the Owners began arbitration and removed the original prorate and pursued the claim in full.