Glory Wealth Shipping has lost a bid to overturn a near $5.5m arbitration award in favour of North China Shipping in a dispute over the wrongful early termination of a time chartered bulk carrier

The dispute centred on how damages should be assessed for the 75,000-dwt North Prince (built 1999) being redelivered six months early from a 20 month time charter.

London's high court Photo: -
The vessel was chartered in August 2007 at an initial rate of $55,000 a day, although there was provision for the hire to then drop to $45,000 a day before rising to $50,000 a day.

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