Following the 2008 crash in shipping and the subsequent depressed charter market, it comes as no surprise that there has been a marked rise in the repudiation of charterparties. In the litigation that has followed, there has been a challenge to previously accepted principles surrounding early termination and repudiation in the context of a time Charterparty.
Two decisions in particular, Isabella Shipowner SA v Shagang Shipping (The “Aquafaith”) and Kuwait Rocks Co v AMN Bulkcarriers Inc (The “Astra”) have generated much interest and controversy amongst the shipping industry as the Courts seem to have adopted an “Owner friendly” approach to the question of what constitutes a repudiatory breach and the options available to Owners following an early redelivery.
This seminar will explore these recent developments and will consider the following issues:
• The “Aquafaith” – refusing early redelivery
• “Astra” – a judicial Vauxhall or a decision from the stars?
• WP Privilege and pre-termination communication