On 12th October,1998,the respondent informed the IOC that if all its nine vessels,mentioned in the letter,are used at a fair and reasonable rate for one year,from 1st September,1998 to 31st August,1999 for which the tender had been floated,they were agreeable to apply the new agreed rates for use of the said nine vessels from 1st July,1998.On 31st October,1998