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
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
