Pradeep Nandrajog, J.

1. Metal Scrap Trade Corporation limited (hereinafter referred to as MSTCL) has preferred objections to the Umpires award dated 15.4.1995. Vide order dated 17.8.1994, Mr. M.S. Anchan and Mr. N. Gopalakrishnan the 2 arbitrators appointed by the parties, one each, referred the dispute to Captain S.M. Berry as an Umpire inasmuch as the learned arbitrators deferred on 2 out of 3 claims of Sunnaren Seaways Inc., Monrovia, Liberia (hereinafter referred to as the owner). For record, award published by Mr. M.S. Anchan is dated 14.8.1994 and that published by Mr.N. Gopalakrishnan is 17.8.1994.

2. On 14.12.1989, a voyage charterparty agreement was entered into between MSTCL and the owner where under the ship M.V. Progressive owned by the owner was chartered to carry pig iron from Novorossiosk, Russia (load port) to Bombay (discharge port). Inter alia, Clauses 21, 22, 24, 51, 56 and 64 of the charter party provided as under:

Clause 21: The Masters written notice of readiness to load is to be given to the Suppliers Agents after the vessel is ready in all respects including customs clearance, free pratique as well as thorough preparation of vessels holds for the c