1. Heard finally, by consent of the parties.

2. The Petitioner has invoked Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act), in the matter of disputes arising out of the Contract of Affreightment (for short, the COA) dated 12th April, 1996 between the Shipping Corporation of India (for short, SCI) and the Petitioner Ispat Industries Ltd., formerly known as Nippon Denro Ispat Ltd. (for short, IIL).

3. The parties entered into the COA and accordingly the ship owners gave two vessels “Mandakini” and “Uttar Kashi” on charter to the charterers for the carriage of iron ore in bulk from Vishakhapatnam to Mumbai. The disputes arose between the parties during the performance of the COA because of disablement of cranes and the matters related to the same. The parties have appointed, by consent, Mr. R.S. Cooper as a Sole Arbitrator.

4. The relevant facts as noted in the award are as under:-

“I. FACTS:-The main facts relevant to the disputes are as under:

i) Quantity: 400,000 mt 10% MOL in CHOP to be transported between 15-4-1996 to 31-3-1997.

ii) Discharge Rate:7,500 mt SHINC per day of 24 consecutive hours. Basis 4 cranes/ grabs availabl