Repudiation of the contract, most often by the voyage charterer or time
charterer when the ship misses her cancelling date, or by the time charterer
when the ship is off hire for longer than the period stipulated in the
charter- party.
Every charter has a date by which the shipowner must tender notice of
readiness to the charterer that the ship has arrived at the port of loading and
is ready to load. This date is known as the cancelling date. The charterer
may have the option of cancelling the charter if the ship arrives after this date.