Reed Smith (Charlie Weller) has represented the successful Appellant in Wuhan Guoyu Logistics Group Co Ltd v Emporiki Bank of Greece SA [2012] EWCA Civ 1629. The Court of Appeal held that a payment guarantee issued by a bank in respect of an instalment due under a shipbuilding contract was in the
December 2012
Supplytime 89: Owners not required to give five banking days’ notice in order to exercise their right to suspend provision of the vessel’s services
In Greatship (India) Limited -v- Oceanografia SA de CV [2012] EWHC 3468 (Comm), the Commercial Court considered the interpretation of clause 10(e) of the BIMCO Supplytime 89 form. Specifically, the court considered the question of whether, in order for Owners to validly exercise their right to temporarily withdraw the vessel from the charterparty service,…
EU further extends Iran Sanctions Regime
The Council of the European Union has recently published two further Regulations which extend the EU’s sanctions regime against Iran.
Council Implementing Regulation 1016/2012
This Regulation adds the National Iranian Oil Company Nederland (aka NIOC Netherlands Representation Office) to the asset freeze list in Annex IX of Regulation 267/2012.
It came into force on 7…
“The Princess of the Stars”: Reinsurance does not constitute a general exception to the normal rule regarding stays of proceedings
In Amlin Corporate Member Ltd v Oriental Assurance Corp (“The Princess of the Stars”) [2012] EWCA Civ 1341, the Court of Appeal upheld the High Court’s decision to refuse a stay of English proceedings brought by reinsurers pending the outcome of proceedings against the insurers in the Philippines.
Owners of cargo which had been…
Tribunal considers the relationship between “always accessible” and “weather working day” provisions
In London Arbitration 5/12, the Tribunal considered the relationship between the requirement that a berth must be “always accessible” and the “weather working day” provision in the laytime clause in the context of determining whether Owners were entitled to damages independent of the laytime regime.
The vessel was chartered on an amended Syconamex form. The…