CLARA BATA OGUNBIYI, J.C.A (Delivering the Leading Judgment): The background genesis of the facts leading to this appeal arose from a dispute between the appellant and the respondents as to the proper construction of certain clauses in a time charterparty entered into by the parties in November 1995.
The Respondents who are the owners of a tanker vessel named MT Venturer hired same to the appellant for the carriage of petroleum products from refineries overseas to ports within Nigeria and Nigeria from to other locations named by the appellant in several other ports of the world. The Charter party was to regulate the relationship between the parties.
The Charterparty was to expire on 31st February extended by a letter 1996 but was of 1st February 1996 on a month basis, By an Addendum dated 2nd December 1996 the said Charterparty concerning "MT Venturer was amended by substituting the "MT Venturer" with, MT Dignity" and the effective date for the substitution was the 1st day of August 1…