• Journal of Korea Port Economic Association
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• v.23 no.3
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• pp.29-51
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• 2007

The purpose of this study aims to explore shipowner's lost profit and its claim resulted from delay in redelivery under time charter with the Achilleas case. In this case, the charterers submitted that there was an established prima facie measure of damages in cases of late delivery, namely the difference between the market rate and the charter-party rate for the period from the time when the vessel should have been delivered until the time of her actual redelivery. An award for lost profit in respect of a subsequent charter could only be made under the second limb because the charterers had not been told, at or before the making of the addendum, that the owners were going to enter into a subsequent fixture and that it was critical that redelivery take place on time. However, the owners said their losses that was a not unlikely consequence of the charterers' breach. There was no special rule that the first limb could only lead to damages calculated by taking the difference between the market and the charter-party rate for the overrun. To award damages in the Achilleas case on the basis of the difference between the market and the charter rate for the overrun would compensate the owners for only a fraction of the true loss caused by the breach.

• Journal of Korea Port Economic Association
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• v.26 no.3
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• pp.92-113
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• 2010

The purpose of this study aims to analyse the implied terms of safe berth under Voyage charterparty with the Rebon case. Where the safety of the berth is warranted, but not the safety of the port, then the charterer's obligation is to nominate a berth which can be approached safely from within the port and which was itself, save insofar as affected by hazards or risks which affect the port as a whole or all of the berths within it. This case is an appeal from an order made by the judge dismissing an appeal from a final declaratory award on preliminary issues made by arbitrators. The judge expressed the question for decision somewhat differently as follows: if a specific load port is named in a voyage charterparty and there are several possible berths within that port to which a vessel could be directed to load by the charterers and there is no express warranty in the charterparty of the safety of either the port or the berth to which the vessel is to be directed by the charterers, is the charterparty subject to an implied term that the charterers must nominate a safe berth at that load port?

• Journal of Korea Port Economic Association
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• v.25 no.2
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• pp.231-246
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• 2009

The time charterer depends on speed and bunker consumption rate of time chartered vessel because it is related charterers' benefit. It is important role of stipulated speed and daily bunker consumption rate at the Time Charter Party, it is generated any dispute against speed and daily bunker consumption rate deficiency. The case of dispute is a restricted word of stipulated speed and daily bunker consumption rate at Charter Party as "about", "good weather or good weather day", "smooth water", "ocean current" and "without guarantee". It happens a dispute against speed and daily bunker consumption rate because it is not well-educated as a vessel operator regarding Time Charter Party interpretation.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.265-288
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• 2013

The purpose of the study aims to analyse the loss incurred by withdrawal of ship under time charter based on the English Law with the MT Kos case. In this case, it is agreed that if the charterers had begun to make arrangements for the discharge of their cargo as soon as they received the owner's notice of withdrawal, the vessel would have been detained at Angra doe Reis for one day. As it was, she was detained there for 2.64 days. The issue is whether the owners are entitled to be paid for the service of the vessel during that 2.62 days, and for bunkers consumed in the same period. Their claim is put forward on three bases: (1) under clause 13 of the charterparty ; (2) under an express or implied new contract made after the vessel was withdrawn, to pay for the time and bunkers; and (3) under the law of bailment. The judge held they were entitled to succeed on basis (3), but rejected every other basis which they put forward. The Court of Appeal rejected the claim on all three bases, except that they allowed the owners to recover the value of bunkers consumed in actually discharging the cargo.

• Journal of Korea Port Economic Association
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• v.25 no.2
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• pp.149-176
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• 2009

In Count case, the owners claimed from the charterers the amount of their loss resulting from the delay to the Count caused by the blockage of the channel due to stranding of the Pongola on the ground that this loss resulted from breach by the charterers of the safe port provisions. The Claim was referred to arbitration and dealt with on written submission. In a reasoned award, the arbitrators upheld the owners' claim. The charterers seek an order reversing the award or remitting it to the arbitrators for further consideration : (1) That the tribunal was wrong to find that the port of Beira was unsafe and that in consequence the charterers were liable to the owners in damages for detention. (2) That the tribunal was wrong to find that the port was unsafe in the abstract by reference to the fact that two other vessels had grounded there. (3) Having held that the Count was delayed for a little over four days by the fact that, after the charterers had nominated the port, the Pongola had grounded in the access channel, the tribunal should have held that the port was not prospectively unsafe. On the that the grounding the Pongola was caused by the characteristics which made the port an unsafe port to nominate for the Count. The court was held that it was not an independent event which broke the chain of causation between the breach of contract and the owner's loss. For those reasons, the court was upheld the arbitrator's award.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2016.05a
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• pp.237-238
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• 2016

해운선사들은 IMO를 비롯한 많은 연구단체에서 제시하고 있는 에너지 효율성 개선방안을 기반으로 선사의 실정과 유가의 등락 상황에 따라 투자환수(payback) 기간을 고려하여 에너지 효율성 개선방안을 결정하고 있다. 그러나 저유가 시대에서는 갈수록 투자환수 기간이 늘어나고 있어 현존 운항선에 대한 레트로피트(Retrofit)는 극히 1~2년 내 투자비용 회수가 가능한 항목에 국한되는 경향이다. 특히 용선 선박의 경우 설비의 투자를 통한 에너지 효율성 개선은 용선계약 특성상 이해관계 및 인센티브 차이로 인하여 매우 어려운.

• Journal of Navigation and Port Research
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• v.37 no.6
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• pp.689-697
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• 2013

The demurrage is regarded as a kind of the ocean freight and a remuneration of the time lost for the vessel while in port. In ordinary occasions of the voyage charter, the liability of a demurrage is usually laid on the charterers unless any exceptions are incorporated. The owners are, however, often meeting somehow difficulty to secure demurrage in the field as the liability is limited or transferred to a third party from the charterers. This paper is focused on clearing the liabilities to be held by the parties involved through the English Law cases, and what's more is rendering a proper suggestions to the owners and charterers on dealing with the ship's operation business.

• Journal of Korea Port Economic Association
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• v.40 no.1
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• pp.151-163
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• 2024

This study sought to confirm the impact of analytical methods and behavioral economic theory factors on decision-making when making chartering decisions in the dry bulk shipping market. This study on chartering decision-making model was began to verify why shipping companies do not make rational decision-making and behavior based on analytical methods such as freight prediction and process of alternative selection in the same market situation. To understand the chartering decision-making model, it is necessary to study the impact of behavioral economic theory such as heuristics, loss aversion, and herding behavior on chartering decision-making. Through AHP analysis, the importance of the method factors relied upon in chartering decision-making. The dependence of the top factors in chartering decision-making was in the following order: market factors, heuristics, internal factors, herding behavior, and loss aversion. Market factors, heuristics, and internal factors. As for detailed factors, spot freight index and empirical intuition were confirmed as the most important factors relied on when making decisions. It was confirmed that empirical intuition is more important than internal analysis, which is an analytical method. This study can be said to be meaningful in that it academically researched and proved the bounded rationality of humans, which cannot be fully rational, and sometimes relies on experience or psychological tendencies, by applying it to the chartering decision-making model in the dry bulk shipping market. It also suggests that in the dry bulk shipping market, which is uncertain and has a high risk of loss due to decision-making, the experience and insight of decision makers have a very important impact on the performance and business profits of the operation part of shipping companies. Even though chartering are a decision-making field that requires judgment and intuition based on heuristics, decision-makers need to be aware of this decision-making model in order to reduce repeated mistakes of deciding contrary to market situation. It also suggests that there is a need to internally research analytical methods and procedures that can complement heuristics such as empirical intuition.

• Journal of Korea Port Economic Association
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• v.27 no.1
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• pp.55-73
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• 2011

The purpose of this study aims to analyse the effect of class arbitration under voyage charter with Asbatankvoy form. This study analyses the Stolt-Nielsen case as a data. In this case, One Class Rule requires an arbitrator to determine whether an arbitration clause permits class arbitration. The parties selected an arbitration panel, designated New York City as the arbitration site, and stipulated that their arbitration clause was silent on the class arbitration issue. The panel determined that the arbitration clause allowed for class arbitration, but the District Court vacated the award. But the Second Circuit reversed, holding that because petitioners had cited no authority applying a maritime rule of customs and usage against class arbitration, the arbitrators' decision was not in manifest disregard of maritime law; and that the arbitrators had not manifestly disregarded New York law, which had not established a rule against class arbitration. However, the Supreme Court held, imposing class arbitration on parties who have not agreed to authorize class arbitration is inconsistent with the Federal Arbitration Act.

• Journal of Korea Port Economic Association
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• v.21 no.4
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• pp.75-101
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• 2005

Every time charter must have a final terminal date, that is a date by which the charterer is contractually obliged to redeliver the vessel. Where the law implies a margin or tolerance beyond an expiry date stipulated in the charter party, the final terminal date comes at the end of such implied extension. When the parties have agreed in the charter party on the margin or tolerance to be allowed, the final terminal date comes at the end of such agreed period. But the nature of a time charter is that the charter is for a finite period of time and when the final terminal date arrives the charterer is contractually bound to redeliver the vessel to the owner References to delivery and redelivery are strictly inaccurate since the vessel never leaves the possession of the shipowner, but the expression are conventionally used to describe the time when the period of the charter begins and ends. The legitimacy or otherwise of what is to be regarded as a vessel's final voyage must be judged at the time when the charterers give an order for the vessel to carry out the voyage in question, and then by reference to what they order her to do. The purpose of this paper aims to analyse cases on the final voyage of time charter, and specially to explore implications of the final voyage in time charter through the Gregos case.