ONGC was able to kill the contracts en masse because of a key standard charter clause that some angry owners say is one-sided and unfair.
TradeWinds understands that the contract wording grants ONGC the “exclusive right” to terminate charters without specifying any reason, as long as the cancellation comes at least 12 months after commencement. The oil company is simply required to give the owner a 30-day notice.
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