However,before the Charter Party was to come to an end,on 29th June,1998,the Indian Oil Corporation Limited (for short IOC ),acting as agent of the appellant,issued a fax to various ship owners,including the respondent herein,requesting them to extend the validity of the Charter Party Agreement dated 6th May,1997 beyond 30th June,1998 for a period of one month from 1st July,1998 with option for two further extensions of 15 days each