The UK High Court has overturned a tribunal ruling in a row over the implied terms of a deal that saw a capesize chartered to Germany's Oldendorff Carriers.
The case involving Greek shipowner Regel Seas Maritime's 179,000-dwt New Hydra (built 2011) shows the importance of wording contracts to take into account external factors beyond the counterparties' control.
The bulker, managed by New Shipping of Greece, was chartered for three to five years in 2014, with hire calculated using what was then the Baltic Exchange's 4TC spot rate...
