A brief analysis would be much appreciated and helpful.

Maritime, a Canadian fishing company, chartered a fishing boat from Ocean Trawlers, knowing that the Canadian government was planning a reduction in the number of fishing licenses.Maritime had four other boats as well.When the new licenses were issued, Maritime received only three, and applied them to three of its own boats.Maritime then informed Ocean Trawlers that it was treating the charter contract as having been frustrated by its failure to secure a license for it. Has the charter contract been frustrated?Explain.