737 results:

The Lila Lisbon: Supreme Court Confirms Industry Practice on Damages Under SALEFORM 2012

The Lila Lisbon: Supreme Court Confirms Industry Practice on Damages Under SALEFORM 2012

The Supreme Court has confirmed that a buyer who cancels a ship sale contract under clause 14 of SALEFORM 2012 may recover loss of bargain damages where the seller’s failure to be ready by the…

Pay Now, Argue Later – London Arbitration Award Considers Underperformance Claims and Deductions from Hire

Pay Now, Argue Later – London Arbitration Award Considers Underperformance Claims and Deductions from Hire

Underperformance disputes are among the most common sources of disagreement under time charters. Allegations that a ship has failed to achieve the warranted speed or has consumed bunkers in excess of…

US Revokes Sanctions Relief For Iranian Oil Trade Following Strait of Hormuz Attacks

US Revokes Sanctions Relief For Iranian Oil Trade Following Strait of Hormuz Attacks

As explained in our earlier article, on 21st June, 2026, the US Office of Foreign Assets Control (“OFAC”) issued General License X (“GLX”), described as “Authorizing the Production, Delivery and Sale…

Diverging Approaches to Iranian Sanctions as the US Grants Limited Relief, while UK and EU Measures Remain in Place

Diverging Approaches to Iranian Sanctions as the US Grants Limited Relief, while UK and EU Measures Remain in Place

Important update: this article has been superseded by subsequent developments. This article should be read together with our update of 8th July, 2026, regarding General License X1, which has revoked…

Commercial Court Clarifies Meaning of 'Banking Days' and Timing of Payment Obligations in Ship Sale Contracts

Commercial Court Clarifies Meaning of 'Banking Days' and Timing of Payment Obligations in Ship Sale Contracts

On 23rd June, 2026, the Commercial Court handed down judgment in Songa Product and Chemical Tankers IV AS v Gardsea Shipping Inc [2026] EWHC 1559 (Comm), providing important guidance on (i) how…