RIGHT TO WITHDRAW VESSEL UNDER TIME CHARTERPARTIES IN COMMON LAW

Authors : Banu Fatma Günarslan

Pages : 271-298

View : 69 | Download : 81

Publication Date : 2023-12-31

Article Type : Research Paper

Abstract :In common law, the obligation of payment of hire is, as a rule, not essential in time charters (time charterparties). Where vessels are let on time charter terms and the market for such vessels falls, the shipowner may be concerned that if the charterer fails to pay hire as and when it falls due then it is left without a real remedy. If the charterer fails to pay hire or to pay it on due date, what should a shipowner do? This article will critically discuss shipowner’s remedy in a falling market. In this regard, it will initially examine the nature of time charters and the shipowner’s right to withdraw the vessel for non-payment of hire, underscoring the requirements, waiver of right, possible bars and the effect of the right. Subsequently, the Astra and Spar Shipping cases, which have examined the nature of hire and reached converse decisions, will be analysed critically.
Keywords : Zaman Çarteri Sözleşmeleri, Geminin Çekilmesi, Tahsis Ücreti, Astra, Spar Shipping