The freight market consists of shipowners, charterers and brokers. Skuld also provides shipowners and charterers with additional types of cover. Further, major liability in demurrage to the innocent charterers, forwarders, etc. If laytime were exceeded, the charterers were to pay demurrage of $1,000 per day. Many owners, charterers and brokers tend to specialize in one or other of these sectors. The charterers gave notice cancelling the charter. The vessel was delivered to the charterers on 13 February 1957. World-Wide survived the first oil crisis as it had reliable charterers for its vessels. The ship is employed, within certain limits, according to needs of the charterers. The charterers on 15 February secured another ship to carry the rails. Accordingly, the charterers were not entitled to terminate the contract. The repairs which the charterers paid for could be compensated by an award of damages. The charterers then abandoned the contract and claimed it was frustrated. Budgeting and cost control, introduced in 1963, ensured that charterers were only quoted profitable rates. Aus-Air (Australian Air Charterers Pty Ltd) was an airline based in Melbourne, Australia.