It was only on 31st December,1998 when the IOC issued a fax to the respondent,enclosing draft letter regarding charter party agreement to be signed between the charterers and owners (with minor modification,if necessary),requesting the respondent to sign as per proposal by the 4th January,1999,on which date the respondent expressed its disinclination,stating in reply fax that as per usual practice,pending finalization of new charter,the existing terms and conditions of the charter party continue to apply