Shipyard liable for failing to obtain extension of refund guarantee within a reasonable time
A shipyard’s failure to procure a renewal of a refund guarantee (two days before its expiry), was held to be a breach of an implied term of the shipbuilding contract that the shipyard must procure an extension within a reasonable time.
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The Astra: single hire default entitles owners to withdraw and claim loss of profit for remaining charter period
A Commercial Court judge has decided that a failure to pay hire under an NYPE charterparty amounts to a breach of condition, entitling a ship-owner to terminate and seek damages.
Time charterer Cargill withheld hire from disponent owners NYK pursuant to a period off-hire clause in a time trip charter on amended NYPE terms.
Analysis from The Lawyer
Professional indemnity cases keep hitting the court lists as settlement values continue to rise