Parbulk AS v Kristen Marine SA and Anr – QBD (Com Ct)(Burton J) – 29 April 2010
Sale of Ship – Sale and leaseback of newbuild vessels on BARECON terms - Purchaser obtaining loan of purchase price from bank on terms that it should enter into Swap Agreements – Delay in construction of vessels - Purchaser giving notice of cancellation – MOA providing that in event of cancellation seller should pay purchaser its “proven expenses” and “breakage costs” – Buyer seeking summary judgment for costs incurred in breaking Swap Agreements and other out of pocket expenses – Whether summary judgment should be given
On 21 December 2005 four Special Purpose Vehicles (“SPVs”) concluded four shipbuilding contracts with a Chinese shipyard for the acquisition of four bulk carriers (“the vessels”). The SPVs entered into four Memoranda of Agreement (“MOAs”) to sell the vessels to the claimant, and the claimant at the same time entered into four bareboat charters on BARECON terms to charter the vessels back to the SPVs, for a minimum period of five years. The defendants were the guarantors of the liability of the four SPVs to the claimant under the MOAs.
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Michael Daiches, Barrister
Jun 11 2010
