A Greek VLCC owner has won a notable victory in the UK’ s supreme court
Aeolos in supreme court win The court has overturned a ruling in favour of charterer Petrobras and found for the owner of the 306,000-dwt Kos (built 2001) in a long running dispute over payment for charter hire.But in May 2008 Petrobras failed to make a required payment of hire with the consequence that the ship was withdrawn in June of that year although the failure to pay did not amount to a repudiatory breach of contract.At the time of the withdrawal the Kos was loading cargo at Angra dos Reis in Brazil so there was a delay of 2.64 days while the ship was discharged.The tanker owner claimed on various grounds for the daily hire of the vessel at the market rate and bunkers consumed over the days in question with a major legal battle ensuing.The shipowner won in a London high court but the judgment was overturned on appeal.But there has now been a definitive final ruling in favour of ENE Kos 1, a single ship company that is the legal owner of the VLCC.The five supreme court judges delivered a detailed ruling on the Shelltime 3 charterparty and unanimously agreed the appeal should be allowed although there was ...
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