31/08/2026
⚖️ Four tribunals. Three different answers. Forty words of a standard form that the entire second-hand tonnage market uses. And so what was the outcome?
The sellers of the Lila Lisbon missed the cancelling date because they failed to arrange crew flights in time (that was the begging of the global pandemics). The buyers cancelled under clause 14 of the Norwegian Saleform 2012. By then the market had moved: contract price was $15m while vessel worth $16.85m.
Who gets the $1.85m? Arbitrators said the buyers. Dias J said the sellers. The Court of Appeal said the buyers. In July the Supreme Court agreed (see, Great Asia Maritime Ltd v Orion Shipping and Trading LLC [2026] UKSC 23).
We covered all of it in our latest discussion session, including the point most people skate over: whether there is any obligation to be ready by the cancelling date at all.
More sessions are on the way, each paired with a live Q&A. Everyone with an interest is welcome. Follow the page to catch the next one, and tell us in the comments which case you'd like to discuss.
https://lnkd.in/eceumgeq