미화 500불의 미지급을 근거로 한 선박회수의 유효성대상판례：Queen’s Bench Division (Commercial Court) 5 May, 2005 [2005] 2 Lloyd’s Rep. 389 “Li Hai”호 사건

There are cases for the Shipowners to withdraw the vessel although breach of the charter party by the time charter is insignificant, if the market hire rate exceeds the contract hire rate in the time charter party. Therefore, the Time Charterers should review his legal position when he intends to deduct the amount of claim including off-hire, owners’ expense, etc because it may give the causes which enable the Shipowners to withdraw the vessel. This study aims to review the legality of the deduction which the Time Charterers may make from the payment of hire and withdrawal of the vessel through the judicial precedents. In this case, the court upheld the award in favor of the Time Charterers because the Shipowners didn't mention the exact reason for withdrawal of the vessel clearly. On this aspect, this study may be considered as significant in that it shows how huge the claim amount due to the insignificant negligence of man in charge is. Also, we can expect that it will be effective in educational purpose in practical business, especially because “Cosco Bulk Carrier Co., Ltd.” as the managing company of the Shipowners and “West Bulk Carrier K/S” as the Time Charterers are the companies with whom the Korea shipping companies have used to make business frequently.