The Dryships-owned bulk carrier "SALDANHA" chartered on the NYPE 46 form was seized by Somalia pirates on 22 February 2009 whilst sailing through the UKMTO transit corridor in the Gulf of Aden. The vessel was taken to Eyl, detained by the pirates until 25 April 2009 and back to sail on 2 May.
The London Commercial Court has upheld the unanimous decision of an arbitration tribunal that the vessel which was seized by pirates remained on hire while under the control of the pirates.

For more information, please find attached files from law firms, Ince & Co. and Hill Dickinson which give more detailed expositions. We hope this would be of your help.