Glory Wealth Shipping Pte Limited v Korea Line Corporation
Blair J allowed an appeal against an arbitration award relating to the damages payable by Charterers for repudiation of a long-term time charterparty. As there was no available market for replacement time charters at the time of termination, the tribunal awarded the Owners a combination of their actual losses for a period of about 8 months, followed by losses assessed by reference to the market which then existed for a replacement time charter for the balance 2 years of the unexpired period of the original charterparty. Blair J held that this approach was not permissible in law. He agreed with Steel J in Zodiac v Fortescue, to the effect that the rule in The Elena D'Amico could not be applied where there was no available market at the time of termination, but only subsequently. Given the general importance of the issue, Blair J gave leave to appeal to the Court of appeal.
David Lewis appeared for the Owners instructed by DLA Piper LLP
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