Traditionally, the most common way of financing ships has been through debt and equity financing. However, over the past decade, ship leasing has become a very significant competitor and alternative for the provision of finance for the acquisition of ships. Recent market studies are expecting the global ship lease market to grow at a significant … Continue Reading
Background This dispute arose out of a contract for the sale and purchase of fuel oil on FOB Ventspils, Lativa terms between Septo Trading Inc. as Buyer and Tintrade Limited as Seller. The sale contract was evidenced by a trade recap which incorporated the BP general terms & conditions for sales and purchases of Petroleum … Continue Reading
Recently, Lloyd’s Maritime Law Newsletter reported on a recent arbitration award in which Reed Smith acted, regarding the requirements for notice under the 1996 Inter-Club Agreement (ICA), as amended in 2011. The decision concerned a notice that, on the face of it, bore no resemblance to a usual ICA notice as it: a) was given … Continue Reading
Summary The claimant was named as shipper on a bill of lading for a consignment of cargo on the MV Nortrader, despite not being a party to the contract of carriage. The defendant, the owner of the vessel, suffered losses after a cargo explosion occurred on board the vessel shortly after the cargo had been … Continue Reading
In an alert last year, we looked at payment obligations under English law and how payment instruments commonly referred to as ‘guarantees’ may be misleading. This is despite their being crucial components to security in a commercial context. The recent decision of the English Commercial court, Shanghai Shipyard Co Ltd. v. Reignwood International Investment (Group) Company [2020] EWHC … Continue Reading
CITGO Asphalt Refining Co. et al. v. Frescati Shipping Co., Ltd. et al. On March 30, 2020, the U.S. Supreme Court held that “the plain language of the parties’ safe-berth clause establishes a warranty of safety.” The decision brings U.S. law into alignment with the long-standing position under English law, as established by Leeds Shipping … Continue Reading
On 10 December, the Court of Appeal upheld the judgment of Mr Justice Teare in Griffon Shipping LLC v Firodi Shipping Limited [2013] 1 Lloyd’s Rep 50, a matter involving a seller’s remedy in the event of non-payment of the deposit under the terms of the Norwegian Saleform 1993 form (NSF 1993), dismissing the appellant … Continue Reading
An important decision for the ship sale and purchase market has confirmed that buyers entering into a standard form Memorandum of Agreement (MOA) (on Norwegian Sale Form (NSF) 1993 terms and similar, e.g., the 2012 terms) do so in the knowledge that they may be liable for the amount of the (unpaid) deposit, if the … Continue Reading
In a recent client alert, Adam Morgan comments on the High Court’s decision in Dalmare SpA v Union Maritime Ltd and another (The “Union Power”). This case was summarised in a previous post, and considered the issue of whether a term as to satisfactory quality was to be implied into the Norwegian Saleform 1993. The … Continue Reading
In Dalmare SpA v Union Maritime Ltd (The “Union Power”), the court was required to decide whether a term as to satisfactory quality was to be implied into an MOA on the Norwegian Saleform 1993. The MOA provided at clause 11 that the vessel was to be “delivered and taken over as she was at … Continue Reading
In Polestar Maritime Ltd v YHM Shipping Co Ltd (The Rewa), the buyer of a vessel appealed against a decision that it had not been entitled to cancel a MOA and was liable in damages for breach of contract for refusing to complete the transaction. The sale contract was on an amended Norwegian Saleform 1993. … Continue Reading
