Rainy Sky SA and Ors v Kookmin Bank – Supreme Court (Lord Phillips PSC, Lord Mance, Lord Kerr, Lord Clarke and Lord Wilson JJSC) – 2 November 2011

Contract – Advance Payment Bond – Bank issuing advance payment bonds guaranteeing repayment to buyers of pre-delivery instalments of purchase price on termination of shipbuilding contracts – Whether bond covered insolvency of shipbuilder

(2011) 834 LMLN 1

Ship Finance

Golden Sunsets Navigation (UK) Ltd v Lloyds Portfolio Leasing Ltd (The “Duhallow”) – QBD (Com Ct)(Cooke J) – 31 March 2010

Ship finance – Finance lease providing for adjustments to be made at end of charter period – Lessor obtaining tax benefit on sale of vessel at end of charter period – Whether tax benefit should be reflected in adjustments for benefit of charterer – Whether lessor in breach of lease in failing to make appropriate adjustment

(2010) 797 LMLN 3

Ship Finance

Egyptian Navigation Co v Baker Investments Corporation and Anr – US District Court (SDNY) (Sidney H Stein DJ) – 14 April 2008

Admiralty jurisdiction – Maritime attachment – Shipowners attaching funds purportedly belonging to defendant time-charterers – Non-party moving to vacate attachment on basis that defendant had validly assigned its rights prior to the attachment – Whether assignment valid to transfer ownership of funds

(2008) 752 LMLN 3

Admiralty, Ship Finance

Bridge Oil Ltd v The Fund Constituting the Proceeds of the Sale of the MV "Mega S" (formerly the MV "Aksu") and Ors - High Ct of South Africa (Cape of Good Hope Provincial Div) (Cleaver J) - 12 June 2003

Admiralty practice - Priorities - Whether holder of "pledge right" registered in Turkey in relation to supply of bunkers had priority over mortgagee's claim

(2004) 631 LMLN 2

Ship Finance

Freret Marine Supply v The "Enchanted Capri" etc - US Court of Appeals (5th Cir) (Garza and Dennis Ct JJ and Head DJ) - 21 August 2003

Admiralty jurisdiction - Financial services provided by intermediary bank to cruise line operator whereby bank received customer payments from Visa and Mastercard and paid monies into accounts segregated by vessel name - Cruise line operator becoming insolvent - Bank incurring "charge back" liability to Visa and Mastercard

Stewart & Stevenson Services Inc v The M/V “Chris Way MacMillan” - US District Court (ND Mississippi) (Orlansky US Magistrate Judge) - 20 June 1995

The river towing vessel Chris Way MacMillan sank at New Orleans.