BACKGROUND
McLAUGHLIN, Circuit Judge:
In late 1994, Mobil Shipping and Transportation Company ("Mosat") chartered a doubled-hulled freighter named the Alsterstern from Wonsild Liquid Carriers Ltd. ("Wonsild"). It was to transport lube oil from Europe to Hong Kong via Singapore. Under the charter contract, Wonsild warranted that the Alsterstern "shall be in good working order and condition and in every way seaworthy and fit for the carriage of the cargo"...
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