The claimant company, Spar, was the registered owner of three supramax bulk carriers (the vessels). By three charterparties of March 2010 on amended NYPE 1993 forms, the vessels were let on long term time charter to a company, GCS. The charterparties provided for guarantees to be issued by the defendant company, GCL, which was the parent of GCS. From April 2011, GCS was in arrears of payment of hire. Spar called on GCL for payment under the guarantees. In September, Spar withdrew the vessels and terminated the charterparties. Spar commenced proceedings against GCS, claiming the balance of hire due under the charters and damages for loss of bargain in respect of the unexpired term of the charters. GCL disputed liability, contending that the employee who had signed them, J, lacked the authority to do so.