DVB Bank SE & Anor v Vega Marine Ltd & Ors [2020] EWHC 1704 (Comm) (30 June 2020)

DVB Bank SE & Anor v Vega Marine Ltd & Ors [2020] EWHC 1704 (Comm) (30 June 2020)

Claimants are entitled to contractual interest at 3.5% per annum both before and after judgment, and to costs assessed summarily at £91,500, payable within 14 days, with post-judgment interest on costs at 8% per annum.

Citation
[2020] EWHC 1704 (Comm)
Parties
Claimant: DVB Bank SE; Claimant: Norddeutsche Landesbank - Girozentrale; Defendant: Vega Marine Ltd; Defendant: Fortuneship Ltd; Defendant: Mr Nikolaos Livanos
Jurisdiction
England and Wales
Judgment Date
30 June 2020
Procedural Posture
Commercial Claim / Post Judgment Consequential Matters
Outcome
Judgment for Claimants; Defendants to pay principal, interest, and costs.
Legal Topics
Interest on Judgment Debts, Costs Assessment, Contractual Entitlement to Costs, Post Judgment Interest, Summary Assessment of Costs
Commercial Law Contract Law Civil Procedure Interest on Judgment Debts Costs Assessment Contractual Entitlement to Costs Post Judgment Interest Summary Assessment of Costs

Case Brief

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Parties

DVB Bank SE

Claimant

Norddeutsche Landesbank - Girozentrale

Claimant

Vega Marine Ltd

Defendant

Fortuneship Ltd

Defendant

Mr Nikolaos Livanos

Defendant

Procedural Posture

Commercial Claim / Post Judgment Consequential Matters

Legal Issues

  1. 1 Entitlement to pre-judgment and post-judgment interest
  2. 2 Entitlement to costs under contract and CPR
  3. 3 Appropriateness of summary assessment of costs

Ratio Decidendi

Claimants are entitled to contractual interest at 3.5% per annum both before and after judgment, and to costs assessed summarily at £91,500, payable within 14 days, with post-judgment interest on costs at 8% per annum.

Court Disposition

Judgment for Claimants; Defendants to pay principal, interest, and costs.

Orders

  • Defendants to pay US$11,741,758.12 to Claimants with pre-judgment interest at 3.5% per annum from 2 March 2019 to 10 June 2020.
  • Defendants to pay post-judgment interest at 3.5% per annum on principal sum.