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03-04-2023 / Aviation & Travel

The Court has found that UK and US sanctions regulations enacted following the Russian invasion of Ukraine did not prevent or excuse the London branch of a German bank from making payments under letters of credit governed by English law to the beneficiary, an Irish aircraft lessor.

06-02-2023 / Maritime

This bareboat charterparty dispute is noteworthy for the Court’s findings on the effect of international sanctions on the Charterers’ obligations to make payment and the Owners’ obligations to nominate a bank account into which payment could be made pursuant to the contractual purchase option.

02-03-2022 / Maritime

In a development that will have a potentially wide-ranging impact on shipping, the UK has introduced a prohibition on Russian-connected ships from (i) using UK ports and (ii) being registered in the UK.

18-02-2022 / Commodities & Trade, Maritime

In a recent ruling, the European Court of Justice (“ECJ”) was asked to consider the interpretation of Article 5 of EC Regulation No. 2771/96 of 22 November 1996 (commonly referred to as the “Blocking Regulation”) in relation to the termination, by a German telecoms company, of a contract with a bank subject to US sanctions.

15-02-2022 / Maritime

The UK Government has introduced amendments to the UK sanctions on Russia, which came into force at 5pm UK time on 10 February 2022 and which significantly increase the scope to sanction entities linked to the Russian Government and those involved across the Russian economy.

20-12-2021 / Maritime

Nord Naphtha Ltd v. New Stream Trading AG [2021] EWCA Civ 1829

24-06-2021 / Commodities & Trade

BP Oil International Limited v. (1) Vega Petroleum Limited & (2) Dover Investments Limited [2021] EWHC 1364 (Comm)

23-09-2020 / Maritime

Following the UK’s departure from the EU, there have been some recent developments with regard to the approach of the UK to sanctions, including the issuance of guidance to the shipping industry on financial sanctions. We summarise some of these recent developments below.

21-09-2020 / Commodities & Trade

Alegrow S.A. v. Yayla Agro Gida San Ve Nak A.S. [2020] EWHC 1845 (Comm)

07-05-2020 / Maritime

Classic Maritime Inc v. Limbungan Makmur Sdn Bhd and another company [2020] EWHC 619 (Comm) This was the latest dispute under a Contract of Affreightment (“COA”) between Classic Maritime Inc (“Owners”) and Limbungan Makmur Sdn Bhd (“Charterers”), with the Owners claiming damages for unperformed shipments under the COA. In reaching its decision, the Court relied closely on an earlier Court of Appeal judgment relating to the Owners’ claim for damages involving seven unperformed shipments.

16-03-2020 / Maritime

BIMCO has now released two new sanctions clauses for time and voyage charter parties to be used in all trades, except for container trades (where we understand a separate sanctions clause is under development).

11-03-2020 / Maritime

Ministry of Defence & Support for Armed Forces of the Islamic Republic of Iran v. International Military Services Limited [2020] EWCA Civ 14 In a judgment handed down on 12 February 2020, the Court of Appeal has confirmed that the intention of EU Regulation 267/2012 extends to preventing a sanctioned party from claiming interest under an arbitration award for the duration that its contractual counterparty was prevented from making payment pursuant to the arbitration award as a result of the sanctions.

03-02-2020 / Maritime

Americas Bulk Transport Limited (Liberia) v. COSCO Bulker Carrier Limited (China) (Grand Fortune) [2020] EWHC 147 (Comm)

02-12-2019 / Maritime

Quiana Navigation SA v Pacific Gulf Shipping (Singapore) Pte Ltd (Caravos Liberty) [2019] EWHC 3171 (Comm) The Court has upheld the decision of a tribunal that the Owners in this case were not entitled to rely on the BIMCO Non-Payment of Hire Clause for Time Charter Parties (“BIMCO Clause”) to withdraw the vessel from a time charter for a previous non-payment of hire.

29-11-2018 / Maritime

Mamancochet Mining v. Aegis Managing Agency [2018] EWHC 2643 The Court has recently held that underwriters were obliged to pay a claim under a marine cargo insurance policy in respect of a cargo of steel sold to an Iranian national. This was the case notwithstanding the sanctions provision in the policy and President Trump’s decision to withdraw from the international agreement to ease economic sanctions against Iran, the Joint Comprehensive Plan of Action (commonly referred to as the “JCPOA”). In determining the case, the Court was required to interpret the sanctions exclusion clause developed by the London market Joint Hull Committee and adopted by the Joint Cargo Committee.

24-10-2018 / Insurance, Maritime

The Commercial Court has handed down its expedited judgment in Mamancochet Mining Limited v Aegis Managing Agency Limited & Ors, holding that underwriters were obliged to pay a claim under a marine cargo insurance policy in respect of a cargo of steel sold to an Iranian national. This was the case notwithstanding the sanctions provision in the policy and President Trump’s decision to withdraw from the international agreement to ease economic sanctions against Iran (commonly referred to as the JCPOA).

11-07-2017 / Maritime

A brief summary of some recent developments in international sanctions

21-07-2014 / Maritime

New EU Sanctions and Ukraine Directive - July 2014 Ship operators trading to Ukraine, and particularly to the ports in the newly annexed Crimea, now face a potential problem of falling foul of International/European law on the one hand and Ukrainian law on the other.

29-05-2014 / Commodities & Trade

Bunge SA v. Nibulon Trading [2013] EWHC 3936 (Comm) The GAFTA Arbitration Rules (Form No. 125) provide for the lapse of claims in circumstances where there has been a failure of the parties to submit any documentary evidence or submissions within one year of the date of the notice claiming arbitration. The Rules do, however, allow the parties to serve a notice renewing the claim for a further year before the initial one year period expires (and to repeat this renewal process for up to six years).