Many thanks indeed for Mr. Yang's prompt answer.
I note that the majority of the Court of Appeal in The Johnny [1977] 2 Lloyd's Rep 1 provided a general principle on the issue of "appropriate market rate". I also note that Ernest Yang on Time Charter states the same case for explaining this particular issue. However, since Lord Denning MR was the dissenting judge, I quite doubt whether this problem is well settled by the English courts.
It is obvious that, as Mr. Yang's explanation, both the High Court (Mr. Justice Donaldson) and the majority of the Court of Appeal took the views that the relevant market rate is the market rate for the same period as the original time charter. However, Lord Denning, agreeing with the umpire of the tribunal, stated that the appropriate rate was that for a time charter trip for a voyage at that time.
One interesting point is that Lord Denning believed that his point of measurement should be acceptable from commercial reality. More interesting thing is that there is very little authority on this important issue thereafter (although I note that there was a London arbitration case share the same answer as the majoirty of The Jonny).
It appears that there is no further case on this issue has been reported to the public domain. I am interested in why no more charterers or owners challenge this point since it was only a majority judgment with Lord Denning's dissent.
Look forward to hearing Mr. Yang's comments further. Thank you very much indeed! |
发表于 2010-11-25 14:09
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发表于 2010-11-25 15:58
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