![]() whether a charterer’s failure to pay instalments of hire punctually is a breach of condition under a time charterparty which enabled the shipowner to terminate the charterparties and claim for damages and.The decision was appealed, and the English Court of Appeal provided a decision answering two main questions: Spar Shipping AS v Grand China Logistics Holding (Group) Co, Ltd EWHC 718 (Comm) (18 March 2015). held that payment of hire was not a condition but that the charterer had renounced the charter parties and that the shipowner was entitled to about USD 24 million in damages for loss of bargain in respect of the unexpired terms of the charter parties. The shipowner therefore brought suit against the parent company of the charterer based on three performance guarantees. These arbitration proceedings were suspended because the charterer went into liquidation. ![]() The shipowner first commenced arbitration against the charterer under three charterparties. ![]() The case arose from the shipowner’s termination of three long term charter parties on the grounds that the charterer had persistently failed to pay hire in advance and as required by the charterparties. ![]()
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