VIPIN SANGHI, J.

1. The petitioner has filed the present petition under section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) for setting aside of the award dated 26/27.2.2013, rendered by a three member arbitral tribunal. Under the award, a sum of USD 417,979.16 along with interest amounting to USD 70,556.34 has been awarded in favour of the respondent herein.

Background facts:

2. Facts of the case are that a Contract of Affreightment (hereinafter referred to as COA) was executed between DAMPSKIBSSELSKABET NORDEN A/S, COPENHAGEN as owner-respondent herein, and Steel Authority of India Ltd (SAIL) as charterer-petitioner herein, on 03.03.2008, whereby a cargo of 3x 50,000 MT, more or less 5%, coking coal in bulk was to be loaded from Newport News or Norfolk, Virginia, USA for discharge at Vishakhapatnam, Paradip and Haldia. Pursuant to the COA, the respondent owner was required to nominate vessels for three shipments. Two of such nominated vessels were MV Nord Fighter and MV Navios Kypros.

3. As agreed in the said contract, MV Nord Fighter was loaded at Newport News, Virginia, USA with 51544.726 MT coal-with cargo quantity of 25,189 M