Plaintiff shipowner signed 4 voyage charterparties with Defendant charterer, which provided that the shipowner would transport the oil products and the charterer would pay the freight and also provided that for any outstanding freight, the charterer should pay the liquidated damages as per 0.3% per day. The charterer defaulted the payment of freight and at the demand of the shipowner, it made a payment schedule, but the charterer defaulted again. The shipowner sued the charterer and made the property preservation. The court held that (i) the shipowner was entitled to claim against the charterer for the outstanding freight and liquidated damages under the charterparties; but (ii) as the shipowner failed to provide evidence to prove its real loss, the agreed default interest 0.3% per day was excessively high and by exercise of judicial discretion, that should be adjusted to 24% per annum.