The “Ocean Crown” – QBD (Admlty Ct)(Gross J) – 26 November 2009
Salvage – Award – High salved fund value – Whether tribunal entitled to take into account possibility that salvors might experience difficult economic conditions in future – Whether permissible to take into account actual economic conditions experienced between date of termination of the services and date of award – Whether principle in The Amerique applicable to all types of salvage cases, including complex and comprehensive cases
This was an appeal by ship and cargo interests (“the appellants”) from an arbitration award made by the Lloyd’s Salvage Appeal Arbitrator in a case where the total value of the salved fund was US$166,185,830.79. The appeal arbitrator allowed an appeal by the respondent salvors from the award of the first instance arbitrator who had awarded the salvors remuneration in the amount of US$34,500,000 plus interest and costs. The appeal arbitrator increased that award to the sum of US$40,750,000, plus interest and costs.
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Michael Daiches, Barrister
Dec 9 2009
