April 23, 2015

Clyde & Co Shipping Newsletter - April 2015

Written by legal experts, Clyde & Co’s Shipping Newsletter is a regular publication which reports on recent legal developments and issues of general interest to the marine sector.

In this issue:

THE "ADVENTURE" – THE COURT RULES ON THE DOCUMENTS REQUIRED IN SUPPORT OF A CLAIM FOR DEMURRAGE UNDER BPVOY4
A  demurrage claim may become time barred if all relevant documentation in support of such a claim is not submitted on time. By Marcia Perucca
 
THE "VALLE DI CORDOBA" – THE COURT OF APPEAL CONFIRMS THAT SHIPOWNERS ARE NOT LIABLE FOR LOSS OF CARGO STOLEN BY PIRATES
The Court of Appeal clarified what constitutes an “in-transit loss” and held that a charterer who had suffered a loss by piracy could not recover from the shipowner. By Tom Gorrard-Smith and Sam Sidkin
 
THE "B ATLANTIC" – THE COURT TAKES A BROAD-BRUSH APPROACH TO THE APPLICATION OF EXCLUDED PERILS IN WAR RISK COVER
Where  a vessel is detained so that she becomes a constructive total loss as a result of a customs infringement arising from a malicious act of a third party, underwriters will not be able to rely on the exclusion contained at clause 4.1.5 of the Institute War and Strikes Clauses Hull 1/10/83. By Tom Gorrard-Smith
 
CONSIDERATION OF THE TERM “DISPONENT OWNER” IN NAVIG8 INC. v SOUTH VIGOUR SHIPPING INC. ET AL.
The Commercial Court held that the term "disponent owner" was used in that rare and unusual sense of a manager of a vessel, rather than as a reference to a demise charterer. By Cate Baddeley
 
The 'YUSUF CEPNIOGLU" – PROTECTION FOR “PAY TO BE PAID”
An anti-suit injunction sought by the claimant P&I Club to restrain proceedings commenced in Turkey by charterers to take advantage of recent developments, under Turkish law,  whereby a victim has a direct right of action against an insurer, is upheld . By Rob Collins
 
NOBU SU HELD PERSONALLY LIABLE FOR FAILING TO REPURCHASE FFAs
The shipowner Nobu Su is found personally liable, along with his co-defendants, for  failing to repurchase FFAs that had been sold on a short-term basis, in a judgment which has wider relevance in respect of the measure of loss resulting from a buyer's non-performance. By Neal Pal
 
SHIP FINANCE UPDATE - CHANGES TO INTEREST RATE-SETTING MECHANISMS
The Loan Market Association recently published a set of updates to their suite of syndicated loan facility documentation. We review the main changes of relevance to lenders and borrowers in the ship finance market. By Dean Norton and Julie Walton