PT Berlian Laju Tanker TBK and Anr v Nuse Shipping Ltd (The “Aktor”) – QBD (Com Ct) (Christopher Clarke J) – 16 June 2008
Sale of ship – Norwegian Sale Form – Payment of purchase price – Sellers nominating bank in Singapore for payment of 10% deposit and nominating bank in Greece for payment of balance of price – Buyers paying deposit in Singapore but refusing to pay price in Greece – Whether entire price payable in Singapore – Whether 10% of price could be paid in Singapore – Whether buyers entitled to rectify MOA to reflect Recap email – Whether payment in Greece was condition of contract – Whether sellers validly rescinded contract
Nuse Shipping agreed to sell their vessel Aktor to PT Berlian Laju Tanker for US$8,400,000. The contract was on the Norwegian Sale Form 1993 (“the MOA”). Before the vessel was ready for delivery an issue arose as to where the buyers were obliged to pay the purchase price. The buyers claimed to be entitled to pay the purchase price in Singapore, with 10% of it being produced by the release of the Singapore located deposit. The sellers claimed to be entitled to require payment of the full purchase price in Greece and to nominate the National Bank of Greece, Piraeus (“NBG, Piraeus”) to receive payment of it.
Forgotten password?
if you have a subscription to lmln.com, but have forgotten your password, please fill in the box below and your log-in details will be emailed to you.Request a free trial
You can request a free trial to Lloyd's Maritime Law Newsletter. This includes your personal copy of the latest issue.Click here to request a free trial.Subscribe now
Start benefiting from our expert analysis straight away. Click here to subscribe. A subscription provides the latest hardcopy sent to you ten times a year, access to our online archive, and full access to the site.Log in
Michael Daiches, Barrister
Jul 2 2008
