nominated ship becomes unavailable or the cargo intended to be carried does not materialise, and there is no fault on either side, the contract made

The problem with unavailability is that it may be only temporary, in which case it will be important to consider the wider facts of the case in order to determine whether the unavailability does truly defeat the expectations of the parties as reasonable businessmen. For example, the short-term unavailability of a ship which is the subject matter of a long-term time charter may not have the same effect as the unavailability of a ship which is intended to be used in the performance of a voyage charterparty.