OCM Maritime Nile LLC & Anor. Courage Shipping Co. & Ors.

OCM Maritime Nile LLC & Anor. Courage Shipping Co. & Ors.

Owners are entitled to possession of vessels upon termination for Event of Default without obligation to serve notice under clause 46(a)(i); relief against forfeiture is not appropriate due to US sanctions regime and charterers' misconduct.

Parties
Appellant/defendant: OCM Maritime Nile LLC; Appellant/defendant: OCM Maritime Kama LLC; Respondent/claimant: Courage Shipping Co.; Respondent/claimant: Amethyst Ventures Co.; Respondent/claimant: Oryx Shipping Limited
Jurisdiction
England and Wales
Judgment Date
29 July 2022
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
appeal dismissed
Legal Topics
Bareboat Charterparty, Relief Against Forfeiture, Repossession, Sanctions, Event of Default, Construction of Contract
Commercial Law Contract Law Equity Bareboat Charterparty Relief Against Forfeiture Repossession Sanctions Event of Default +1 more

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Parties

OCM Maritime Nile LLC

Appellant/defendant

OCM Maritime Kama LLC

Appellant/defendant

Courage Shipping Co.

Respondent/claimant

Amethyst Ventures Co.

Respondent/claimant

Oryx Shipping Limited

Respondent/claimant

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether owners were entitled to possession of vessels on termination without serving notice under clause 46(a)(i)
  2. 2 Whether relief against forfeiture should be granted to charterers

Ratio Decidendi

Owners are entitled to possession of vessels upon termination for Event of Default without obligation to serve notice under clause 46(a)(i); relief against forfeiture is not appropriate due to US sanctions regime and charterers' misconduct.

Court Disposition

appeal dismissed

Orders

  • Appeal dismissed; owners entitled to possession of vessels; no relief against forfeiture granted.