Name of the ship in Charter Party

It is a ‘condition’ of the charter party that owners deliver only the ship named in the charter party. Many charters, however, give owners the right to substitute another similar ship for the originally named ship. The fact that the charter contains a clause permitting the substitution of another ship will not enable charterers to claim that the charter party continues notwithstanding the loss of the chartered ship. Such loss will terminate the charter party by reason of its frustration, unless the clause states very clearly that it is intended to allow substitution after loss.