Reviewing the English Court judgment: The KRITI AKTI [2003] EWHC 1634 (Comm). In July 2003 the English Commercial Court delivered a judgment where the question mentioned in the heading was considered and answered. The facts of the matter were that the owners of the KRITI AKTI time chartered the vessel on a Shelltime 3 Form with various amendments and additions for a period of 11 months, 15 days more or less in charterers' option. The vessel was delivered into service under the charter on 25 May 2000. The charter contained the following three clauses which were of particular importance to the dispute between the parties: Clause 3 "Owners agree to let and charterers agree to hire the vessel for a period of 11 (eleven) months, 15 days more or less in charterers' option …" Clause 18 "Notwithstanding the provisions of clause 3 hereof, should the vessel be upon a voyage at  the expiry of the period of this charter , charterers shall have the use of the vessel at the same rate and conditions for such extended time as may be necessary for the completion of the round voyage on which he is engaged and her return to a port of redelivery as provided by this charter …" (emphasis added). Clause 50 - Extension "Any loss of time during which the vessel is off-hire shall count as part of the charter period and may be used by charterers at their option as an extension of the aforementioned charter period" During the charter of the vessel she had been off-hire on various occasions, and although there was disagreement between the owners and the charterers as to the period of off-hire, for the purposes of this matter, it was necessary to assume that the charterers' figure was correct as otherwise simply it would not have been possible to render a judgment and answer the question "What is the period of this charter ?". The eleven months period provided by clause 3 expired on 24 April 2001. On 13 March 2001, the charterers told the owners that they were exercising their option to ext