January 2014

As reported in our Client Alert of December 2013, the “Joint Plan of Action” reached between the United Kingdom (“UK”), the United States (“U.S.”), Germany, France, Russia and China (collectively known as the “E3+3”) and Iran in November 2013 envisaged a two-step process in relation to relief from international trade sanctions against Iran.

On…

As reported in our client alert in December 2013, the “Joint Plan of Action” reached between the E3+3 and Iran in November 2013 envisaged a two-step process in relation to relief from international trade sanctions.

On 12 January 2014, it was announced that the interim deal (of six months of initial measures) between the…

Reed Smith  (Charles Weller) recently acted for the successful Respondents in Wuhan Guoyu Logistics Group Co Ltd v Emporiki Bank of Greece SA [2013] EWCA Civ 1679.

The Respondents were sellers under a shipbuilding contract. The Applicant was the buyers’ bank. When the buyers refused to pay an instalment due under the…

The parties to Cooper Mechanical Oilfield Services Pte Ltd v Pauwels (Unreported) had entered into an agreement regarding the purchase and conversion of a ship. The agreement stated that the Defendant would provide US$30m of finance in the form of a standby letter of credit from a recognised bank. No such letter was ever produced.…

The Applicants and Respondents in Zim Integrated Shipping Services Ltd v European Container KS [2013] EWHC 3581 (Comm) were parties to an arbitration, in which the Applicants sought to recover loans made to part-fund the Respondents’ purchase of four vessels. The vessels had been sold by the Applicants to the Respondents, then leased back on…

Galaxy Energy International Ltd v Murco Petroleum Ltd (M/V “Seacrown”) [2013] EWHC 3720 (Comm).

The Claimant buyer claimed against the Defendant seller for alleged late delivery of a cargo of fuel oil. The contract stated that the cargo was to “be delivered … in one lot … during period 15/17 January 2012”. It was…