1. The Petitioners (the Claimants) have challenged a majority award passed by an Arbitral Tribunal consists of three commercial minded Arbitrators, dated 18 August 2008, and supported the reasons of minority award dated 26 September 2008. The Arbitral Tribunal was nominated under the Maritime Arbitration Rules of the Indian Council of Arbitration (Maritime Rules).

2. By a Tanker Voyage charterparty dated 30 September 2002, the Respondents chartered the (Owners) Claimants vessel, M.T. Pride Independence (the vessel) on certain terms and conditions. Lay time under the Charterparty was 72 hours and demurrage payable was US $ 22,000 per day or prorata for the part of the day. Since there was delay, the Petitioners made a claim of US $166,442.99 through their broker by invoice dated 29 November 2002 with 12% interest till realization, from 1 January 2003.

3. The Respondents (Charterers) disputed the time barred demurrage claims of the Petitioners as it was admittedly received beyond the period of 45 days from the date of completion of the discharge of the vessel.

4. On 23 October 2007, after a period of more than five years, after the closure of evidence of the witnesses and