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SHIP BUILDING, SALE AND
FINANCE

MARITIME AND TRANSPORT LAW LIBRARY

MARITIME AND TRANSPORT
LAW LIBRARY

Ship Building, Sale and Finance

edited by Banş Soyer and Andrew Tettenborn (2016)
International Maritime Conventions Volume Three
Protection of the Marine Environment
by Francesco Berlingieri (2015)
International Maritime Conventions Volume Two
Navigation, Securities, Limitation of Liability and Jurisdiction
by Francesco Berlingieri (2014)
Maritime Law
3rd edition
edited by Yvonne Baatz (2014)
Offshore Contracts and Liabilities
by Barış Soyer and Andrew Tettenborn (2014)
Marine Insurance Fraud
by Banş Soyer (2014)
International Maritime Conventions Volume One
The Carriage of Goods and Passengers by Sea
by Francesco Berlingieri (2014)
International Carriage of Goods by Road: CMR
6th Edition
by Malcolm A. Clarke (2014)
 The Maritime Labour Convention 2006:
International Labour Law Redefined
edited by Jennifer Lavelle (2013)
Modern Maritime Law:
Volume 2: Managing Risks and Liabilities
3rd Edition
by Aleka Mandaraka-Sheppard (2013)
Modern Maritime Law:
Volume 1: Jurisdiction and Risks
3rd Edition
by Aleka Mandaraka-Sheppard (2013)
Carriage of Goods by Sea, Land and Air:
Uni-Modal and Multi-Modal Transport in The 21st Century
edited by Barış Soyer and Andrew Tettenborn (2013)
The Law of Yachts and Yachting
by Filippo Lorenzon and Richard Coles (2012)
Freight Forwarding and Multimodal Transport Contracts
2nd edition
by David A. Glass (2012)
Marine Insurance Clauses
5th Edition
by N. Geoffrey Hudson, Tim Madge and Keith Sturges (2012)
Pollution at Sea: Law and Liability
edited by Barış Soyer and Andrew Tettenborn (2012)
Contracts of Carriage by Air
2nd Edition
by Malcolm A. Clarke (2012)
Places of Refuge: International Law and the CMI Draft Convention
by Eric Van Hooydonk (2010)
Maritime Fraud and Piracy
2nd Edition
 by Paul Todd (2010)
The Carriage of Goods by Sea under the Rotterdam Rules
edited by D. Rhidian Thomas (2010)
The International Law of the Shipmaster
by John A. C. Cartner, Richard P. Fiske and Tara L. Leiter (2009)
The Modern Law of Marine Insurance: Volume 3
edited by D. Rhidian Thomas (2009)
The Rotterdam Rules: A Practical Annotation
by Yvonne Baatz, Charles Debattista,
Filippo Lorenzon, Andrew Serdy, Hilton Staniland and Michael Tsimplis
(2009)
The Evolving Law and Practice of Voyage Charters
Edited by D. Rhidian Thomas (2009)
Risk and Liability in Air Law
by George Leloudas (2009)
Legal Issues Relating to Time Charterparties
edited by D. Rhidian Thomas (2008)
Contracts of Carriage by Land and Air
2nd Edition
by Malcolm A. Clarke and David Yates (2008)
Bills of Lading and Bankers’ Documentary Credits
4th Edition
by Paul Todd (2007)
Liability Regimes in Contemporary Maritime Law
edited by D. Rhidian Thomas (2007)
Marine Insurance: The Law in Transition
edited by D. Rhidian Thomas (2006)
Commencement of Laytime
4th Edition
by Donald Davies (2006)
 General Average: Law and Practice
2nd Edition
by F. D. Rose (2005)
War, Terror and Carriage by Sea
by Keith Michel (2004)
Port State Control
2nd Edition
by Oya Ozcayir (2004)
Modern Law of Marine Insurance:
Volume Two
edited by D. Rhidian Thomas (2002)
Commercial and Maritime Statutes
edited by Peter MacDonald Eggers and Simon Picken (2002)
Bills of Lading: Law and Contracts
by Nicholas Gaskell, Regina Asariotis and Yvonne Baatz (2000)
Shipbrokers and the Law
by Andrew Jamieson (1997)
 SHIP BUILDING, SALE AND
FINANCE

EDITED BY

BARIŞ SOYER
Professor in Law
Director, Institute of International Shipping and Trade Law, Swansea
University

ANDREW TETTENBORN
Professor in Law,
Institute of International Shipping and Trade Law, Swansea University
First published 2016
by Informa Law from Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

And by Informa Law from Routledge

711 Third Avenue, New York, NY 10017

Informa Law from Routledge is an imprint of the Taylor & Francis Group, an Informa business

© 2016 selection and editorial matter, Bans Soyer and Andrew Tettenborn; individual chapters, the
contributors

The right of the editor to be identified as the author of the editorial material, and of the authors for
their individual chapters, has been asserted in accordance with sections 77 and 78 of the
Copyright, Designs and Patents Act 1988.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or
by any electronic, mechanical, or other means, now known or hereafter invented, including
photocopying and recording, or in any information storage or retrieval system, without permission
in writing from the publishers.

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and
are used only for identification and explanation without intent to infringe.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

Library of Congress Cataloguing in Publication Data

Ship building, sale, and finance / edited by Bans Soyer and Andrew Tettenborn.
pages cm
Includes bibliographical references and index.
ISBN 978-1-138-84111-6 (hardback : alk. paper) — ISBN 978-1-315-68964-7 (ebook: alk. paper)
1. Shipbuilding contracts–England. 2. Ship mortgages–England. 3. Shipbuilding industry–Law and
legislation – England. I. Soyer, Bans, editor. II. Tettenborn, A. M., editor. III. Title: Shipbuilding,
sale, and finance.
KD1642.S55S55 2016
343.4207’862382–dc23
2015006424

ISBN: 978-1-138-84111-6
eISBN: 978-1-315-68964-7

Typeset in Plantin by
Servis Filmsetting Ltd, Stockport, Cheshire
Printed and bound in Great Britain by
TJ International Ltd, Padstow, Cornwall
 TABLE OF CONTENTS

Authors’ biographies
Foreword
Preface
Table of cases
Table of statutes
Part 1 Legal issues relating to ship building
CHAPTER 1 CONTRACTING BY NUMBERS: THE DIFFERENT
CHARACTERISTICS OF THE MAIN SHIPBUILDING
CONTRACTS
Professor Andrew Tettenborn
1.1 Uncertainties
1.2 Variations between standard forms
1.3 Conclusion
CHAPTER 2 THE BIMCO NEWBUILDCON STANDARD FORM
SHIPBUILDING CONTRACT: SALIENT FEATURES
AND PITFALLS
Chris Kidd
2.1 Introduction
2.2 General layout
2.3 Part I — the ‘box layout’
2.4 Part II — terms and conditions
2.5 Conclusion
CHAPTER 3 REMEDIES FOR BREACH OF SHIPBUILDING
CONTRACTS — IS ENGLISH LAW ‘FIT FOR
PURPOSE’?
Simon Curtis
3.1 Introduction
3.2 Enforcing delivery in a depressed market
3.3 Enforcing delivery in an ‘overheated’ market
3.4 Conclusion
CHAPTER 4 THE APPLICATION OF THE ‘PREVENTION
PRINCIPLE’ IN THE SHIPBUILDING CONTEXT
Simon Kverndal QC
4.1 Introduction
4.2 The traditional categorisation of shipbuilding contracts
4.3 The prevention principle: its origins and recent developments
4.4 The decision in Adyard
4.5 The prevention principle and shipbuilding contracts
CHAPTER 5 DRAFTING AND INTERPRETING PAYMENT REFUND
GUARANTEES IN THE SHIPBUILDING CONTEXT
John Forrester
5.1 Introduction
5.2 Why do problems arise?
5.3 The scope of refund guarantees
5.4 Nature of guarantor’s liability — primary or secondary obligation?
5.5 A comparison between primary and secondary payment obligations
5.6 Key guidelines to interpreting refund guarantees
5.7 Drafting refund guarantees — some key provisions
CHAPTER 6 THE EVOLVING NATURE OF BUILDERS’ RISKS
COVER
Professor Barış Soyer
6.1 Introduction
6.2 Changes introduced by the Mar CAR 2007 — problematic aspects
of the ICBR 1988
6.3 Problematic aspects of the Mar CAR 2007
6.4 Conclusion
 Part 2 Ship sale contracts and practice
CHAPTER 7 BATTLE OF THE SALE FORMS
Matt Hannaford
7.1 Contractual setting
7.2 Factors supporting the development of a global and uniform
approach to ship sales
7.3 Substantial differences in the approach adopted by different sale
forms — a case study on the treatment of deposit
7.4 Conclusion
CHAPTER 8 ‘AS IS’ … AS YOU WERE? THE UNION POWER AND
‘AS IS’ PROVISIONS IN SHIP SALE AND PURCHASE
CONTRACTS
Simon Rainey QC
8.1 Introduction: standard form contracts and English law
8.2 The approach to ‘as is’ clauses under the Sale of Goods Act
8.3 The decision in The Union Power
8.4 The meaning of ‘as is’
8.5 Conclusions
CHAPTER 9 THE PRACTICALITIES OF SHIP SALES IN THE
CURRENT MARKET
William Maclachlan
9.1 Introduction
9.2 The current market
9.3 Pre-contractual negotiations
9.4 Know your deal
9.5 What can be done if enquiries reveal an issue?
9.6 The memorandum of agreement
9.7 The deposit
9.8 Delivery documents
9.9 Logistics
9.10 Payment of the balance of the purchase price
Part 3 Legal and practical issues relating to ship finance
CHAPTER 10 SHIP MORTGAGEES: ENFORCEMENT AND
REMEDIES
Charles Buss
10.1 Introduction: in what circumstances do ship mortgagees arrest
ships?
10.2 The use of self-help remedies
10.3 The procedural advantages offered by English and common law
jurisdiction for arrest and sale
10.4 The position of the mortgagee towards cargo interests
10.5 The cost of a judicial sale
10.6 The increasing use of international insolvency procedures
10.7 EU Insolvency Regulation, Article 5(1)
CHAPTER 11 MORTGAGEES’INTEREST INSURANCE
Peter MacDonald Eggers QC
11.1 Introduction
11.2 The mortgagee’s insurable interest and its valuation
11.3 The mortgagee’s participation in the shipowner’s policy
11.4 Mortgagees’ interest policies
11.5 Subrogation
11.6 Conclusion
CHAPTER 12 LEASE FINANCE AND DEMISE CHARTERS —
LESSORS’ RISKS AND LIABILITIES
Professor Simon Baughen
12.1 Introduction
12.2 Owners’ liabilities
12.3 Owners’ remedies for charterers’ default
CHAPTER 13 FINANCING NEWBUILDING VESSELS AND
BARECON 2001: A FAIR DEAL?
Dr Theodora Nikaki
13.1 Introduction: setting the scene
13.2 Delivery
13.3 Repairs
13.4 Hire/purchase agreement
13.5 Conclusions
CHAPTER 14 SHIPPING FINANCE AND SANCTIONS
David Osborne
14.1 Introduction
14.2 Some background on sanctions and shipping
14.3 The shipping and finance industry’s response to sanctions
14.4 The judicial approach so far — and the future
CHAPTER 15 USING DERIVATIVES TO FINANCE SHIP SALES AND
SHIPBUILDING: A CIVIL LAW PERSPECTIVE
Professor Dr Olivier Cachard
15.1 Introduction
15.2 A civil law analysis of the legal nature and a categorisation of
shipping derivatives
15.3 A civil law analysis of the risks created by shipping derivatives
Appendices
Appendix 1: BIMCO NEWBUILDCON
Appendix 2: China Maritime Arbitration Commission Standard
Newbuilding Contract (Shanghai Form)
Appendix 3: SALEFORM 2012
Appendix 4: Singapore Ship Sale Form
Appendix 5: BIMCO Standard Bareboat Charter ‘BARECON 2001’
Appendix 6: Institute Clauses for Builders’ Risks 1988
Appendix 7: London Marine Construction All Risks Wording 2007
Appendix 8: Institute Mortgagees’ Interest Clauses 1997
Index
 AUTHORS’ BIOGRAPHIES

EDITORS AND CONTRIBUTORS

Professor Barış Soyer, BA (Ankara), LLM, PhD (Southampton)
Director
Institute of International Shipping and Trade Law
Swansea University

Professor Soyer is the Director of the Institute of International Shipping

and Trade Law at Swansea University. He is a member of the British
Maritime Law Association and British Insurance Law Association. He is
the author of Warranties in Marine Insurance published by Cavendish
Publishing (2001) and Marine Insurance Fraud published by Informa
Routledge in 2014, and of an extensive list of journal articles published
in elite journals such as Lloyd’s Maritime and Commercial Law
Quarterly, Journal of Business Law, Torts Law Journal and Journal of
Contract Law. His book on Warranties in Marine Insurance was the joint
winner of the Cavendish Book Prize 2001 and was awarded the British
Insurance Law Association Charitable Trust Book Prize in 2002 for its
contribution to insurance literature. A new edition of this book was
published in 2006 and a third edition is due in 2015. He is the also the
general editor of the Reforming Marine and Commercial Insurance Law
published by Informa in 2008 and joint editor of Pollution at Sea: Law
and Liability published by Informa Law in 2012; Carriage of Goods by
Sea, Land and Air published by Informa Routledge in 2013 and Offshore
Contracts and Liabilities published by Informa Routledge in 2014. He
has also contributed to various books including Modern Law of Modern
Insurance volumes 2 and 3, Marine Insurance: The Law in Transition,
Liability Regimes in Contemporary Maritime Law and Legal Issues
relating to Time Charterparties. He is one of the editors of the Journal of
International Maritime Law and is also on the editorial board of Shipping
and Trade Law and Baltic Maritime Law Quarterly. He currently teaches
Admiralty Law, Oil and Gas Law and Marine Insurance on the LLM
Programme and also is the Head of the Postgraduate Legal Studies
Department.
Professor Andrew Tettenborn, LLB (Cantab), MA
Professor in Law
Institute of International Shipping and Trade Law
Swansea University
Professor Andrew Tettenborn has been attached to the IISTL at Swansea
Law School since 2010.
He has also taught at the universities of Cambridge, Exeter and Geneva,
has written extensively on widespread aspects of private, shipping and
commercial law, and sits on the editorial board of Lloyd’s Maritime and
Commercial Law Quarterly. He has held visiting positions at Melbourne
University, the University of Connecticut and at Case Law School,
Cleveland, Ohio.
He is author and co-author of books on torts, damages and maritime law,
and of numerous articles and chapters on aspects of common law,
commercial law and restitution.

CONTRIBUTORS
Professor Simon Baughen, MA (Oxon)
Professor of Shipping Law
Institute of International Shipping and Trade Law
Swansea University
Simon Baughen joined Swansea in September 2013 as Professor of
Shipping Law. He had previously been a Reader at Bristol Law School,
and yet earlier worked as a shipping lawyer in a London P&I Club and
then as a solicitor with the former Horrocks & Co. Professor Baughen’s
principal research area is in shipping law; his book on the subject, called
simply Shipping Law, has run to five editions and is well known to
academics and students alike as by far the most learned and approachable
work on the subject. A sixth edition is due in 2015. He is also the author
of the very well-established practitioner’s work Summerskill on Laytime
(2013). His other main area of research is the regulation of the activities
of multi-national corporations in the developing world. This is the theme
of his forthcoming book Holding Corporations to Account: Closing the
Governance Gap which is due to be published in 2015. He has previously
touched on this theme in his book International Trade and the Protection
of the Environment (2007) which deals with the relationship between
trade and investment treaties and environmental protection. He has also
written and taught extensively about the law of trusts.

Charles Buss
Partner
Watson, Farley & Williams LLP, London
Charles Buss joined Watson, Farley & Williams in 1995 and specialises
in maritime litigation and arbitration. He regularly acts for lenders in
relation to foreclosures, and in disputes of all kinds with borrowers,
syndicates and third parties. He also acts for owners and charterers in
operational disputes, with particular emphasis on charterparties,
newbuildings contracts, MOAs, pool and management agreements and
JVs, brokerage disputes and marine insurance claims.
Professor Dr Olivier Cachard
Emeritus Dean of the Faculty of Law, Université de Nancy, France
Head of the International and European Business Law programme
Head of the IDIC-Institute François Gény
Professor Cachard graduated in 1997 at the Universite Paris Panthéon-
Assas, where in 2001 he obtained his PhD cum laude for his doctoral
thesis. After his success at the agrégation de droit privé, he was
appointed as a tenured Professor of Law at the Faculty of Law in Nancy
in 2003. He lectures in International Arbitration Law, Admiralty and
Transportation Law and Conflict of Laws.
Professor Cachard has held visiting appointments in a number of
universities, including Heidelberg, Case Western Reserve (Cleveland,
Ohio), and Rikkyo (Tokyo). He was invited as a Director of Studies for
the 2009 session at the Hague Academy of International Law and in
addition has lectured in Aircraft Passenger Transportation at its 2014
session.
He is an active arbitrator in international commercial disputes and in
admiralty law disputes, taking regular appointments as an arbitrator
under the ICC Rules and under those of the Chambre Arbitrale Maritime
de Paris. He is a Member of the board of the Association française de
droit maritime and a Member of the Maritime Cluster of Luxembourg.
His research interests lie in shipping and transportation law, commercial
law, and conflict of laws. In the English language, he has recently
published Luxembourg Maritime Code (2014). His French language
publications include Droit international prive (2014) and Droit du
commerce International (2011).
Simon Curtis, MA (Oxon), BCL, FCIArb
Senior Partner
Curtis Davis Garrard LLP, London
Simon Curtis is regarded internationally as one of London’s most
experienced maritime lawyers. He started his own City firm, which he
still heads, in 1996, and has an enviable reputation in shipbuilding and
offshore procurement matters.
As the author of The Law of Shipbuilding Contracts published by
Informa Law Library, now in its fourth (2012) edition, he is the leading
expert under English law on marine construction. He has received several
nominations as a leading expert in his field. His expertise has been noted
in every edition of The World’s Leading Shipping and Maritime Lawyers
since 1998, and has been highly recommended in the Projects, Energy &
Natural Resources (Oil & Gas) and the Transport (Shipping) sections of
the UK Legal 500.
Simon lectures regularly on a range of shipbuilding and offshore issues,
including contracts for the construction and employment of FSOs and
FPSOs, and is also a contributing author to Force Majeure and
Frustration of Contract, also published by Informa Law Library.
John Forrester
Partner
Holman Fenwick Willan LLP, London
John Forrester is a partner in the London office of Holman Fenwick
Willan LLP. He is head of the firm’s international shipping and offshore
finance group, and has over 25 years’ experience in the ship finance
field.
He has acted for a wide range of banks and export credit agencies on
their shipping and offshore loans, including many of the industry’s
leading banks. He has also represented shipowners, operators,
shipbuilders, private equity houses, shipping funds and other investors on
various shipping and offshore related transactions, including financing,
construction, charters/leasing, sale and purchase, debt restructuring/work-
outs, ship registration and joint ventures.
He is the author of the chapter on ship finance in Secured Finance
Transactions (2007), and has written and presented papers on a wide
range of subjects relating to the construction, financing and sale of ships.
Matt Hannaford
Partner
Curtis Davis Garrard LLP, London
Matt Hannaford is a partner at Curtis Davis Garrard LLP in the City,
specialising in commercial shipping law with particular expertise in ship
finance and ship sale and purchase (including newbuilding projects). His
clients include ship owners and operators, major international banks,
shipbuilders and private equity companies. In addition, he regularly
advises international maritime clients on mergers and acquisitions, joint
ventures and pooling arrangements. He lectures extensively on shipping
law aspects, and is co-author of Goldrein’s Ship Sale and Purchase (6th
edition). He was a member of the BIMCO drafting committee for the
Norwegian Saleform 2012.
Chris Kidd
Partner
Head of Shipbuilding, Offshore Construction and Renewables
Ince & Co LLP, London
Chris Kidd is dual-qualified as a solicitor in England and Hong Kong.
Between 1995 and 2001 he practised in Ince’s Hong Kong office, during
which time he was the Secretary of the Hong Kong Maritime Law
Association, and still retains strong industry links in Hong Kong, China
and Korea. He is a Fellow of the Chartered Institute of Arbitrators and a
member of the LMAA Supporting Members Liaison Committee.
His practice encompasses shipping and offshore matters. He heads the
firm’s Shipbuilding, Offshore Construction and Renewables teams and
frequently advises buyers and shipyards in relation to building,
conversion and repair contracts, as well as dispute resolution, for
conventional vessels and specialist offshore vessels and floating
platforms. He worked with BIMCO to develop NEWBUILDCON, a
standard form newbuilding contract, and is a regular speaker and
chairman of seminars on shipbuilding, conversion and repair.
He also advises on the drafting and negotiation of contracts, as well as
dispute resolution, in the renewables sector including offshore wind farm
installation contracts, charterparties and contracts for the construction of
wind farm installation vessels. He has been involved in (among others)
the offshore projects at Greater Gabbard, Gunfleet Sands, London Array,
Borkum Riffgat, Kentish Flats, Westermost Rough, and Gwent-Y-Mor.
He has also worked with BIMCO to develop WINDTIME, a standard
offshore wind farm personnel transfer and support vessel charterparty.
Mr Kidd has also advised in connection with accidents to offshore
vessels, fixed and floating platforms, and acted in a significant number of
high-profile cases including BP Thunderhorse, Bombay High North and
Piper Alpha.
Simon Kverndal QC
Quadrant Chambers, London
Simon Kverndal QC is a leading maritime barrister and a member of
Quadrant Chambers, specialising in charterparty, collision, salvage,
offshore and shipbuilding/sale/finance disputes. He comes from a family,
originally from Norway, which has been involved for many generations
in the shipping industry and, in particular, in maritime claims. As well as
his principal practice as an advocate, he is frequently appointed as
arbitrator (including Lloyds Open Form salvage, where he is one of the
five panel arbitrators); he is also a popular choice as mediator. He took
silk in 2002 and is ranked as a ‘Leading Silk’ in the current editions of
both Chambers UK and the Legal 500 directories.
Mr Kverndal is a supporting member of the London Maritime
Arbitrators’ Association, a member of COMBAR and of the LCLCBA,
on the Council of the London Shipping Law Centre and a senior Member
of the Court of Assistants of the Worshipful Company of Shipwrights
(the shipping industry’s livery company).
Peter MacDonald Eggers QC
7 King’s Bench Walk, London
Peter MacDonald Eggers QC, a Visiting Fellow at the Institute of
International Shipping and Trade Law, is a barrister at 7 King’s Bench
Walk, specialising in all aspects of commercial law, including insurance
and reinsurance, shipping, energy, commodities, international trade and
international arbitration. He practised as a solicitor before being called to
the Bar by the Middle Temple in 1999 and taking silk in 2011. He is
author of Deceit: The Lie of the Law; co-author of Good Faith and
Insurance Contracts; a Contributing Editor of Chitty on Contracts; and a
contributor to a number of other important works, including Marine
Insurance: The Law in Transition.
Peter has appeared in numerous commercial cases, including Rathbone
Brothers plc v Novae Corporate Underwriting, The Princess of the Stars,
and Habas Sinai v VSC Steel Co.
William Maclachlan
Senior Associate
Holman Fenwick Willan LLP, London
William trained and qualified as a solicitor at Norton Rose, before joining
Holman Fenwick Willan in 2008, where he is an associate. His practice
encompasses all aspects of the financing, operation, construction and
management of ships; and in the course of it he advises a wide variety of
companies and financial institutions on a range of transactional shipping
matters in both the commercial shipping and yachting industries. He has
particular expertise in ship sale and purchase, shipbuilding and ship
repair contracts and spent some eight months seconded to a leading
European shipbuilder. He also represents a large number of private
maritime security companies, logistics providers and shipowners in
matters concerning maritime security.
Mr Maclachlan has given a number of seminars on ship sale and
purchase for the Lloyds’ Maritime Academy, and contributed pieces on
piracy and armed guards to several industry publications.
Prior to university, William worked as a supernumerary officer cadet with
P&O Nedlloyd.
Associate Professor Theodora Nikaki, LLB (Aristotle), LLM
(Aristotle, Tulane), PhD (Soton)
Associate Professor
Institute of International Shipping and Trade Law
Swansea University
Dr Nikaki joined the School of Law in 2005 and was promoted to
Associate Professor in 2013. Having worked in private practice for
several years, she obtained an LLM in Admiralty and Maritime Law
from Tulane in 2001 with distinction. She then went to work in a
maritime law firm in the US before undertaking a PhD in the UK on the
subject of carriage by sea. Her principal research interest lies in the field
of carriage of goods by sea, but her interests extend widely and include
private international law and multimodal transport. She has published in
journals including the Journal of Business Law, the Journal of Maritime
Law and Commerce, the Berkeley Journal of International Law, and the
Tulane Maritime Law Journal.
Subjects she has taught include carriage of goods by sea, land and air;
charterparties; e-commerce; international trade; oil and gas law and
private international law. She also helps deliver the professional courses
offered by the Institute of International Shipping and Trade Law.
David Osborne
Partner
Watson, Farley & Williams LLP, London
David Osborne joined Watson, Farley & Williams on its establishment in
1982 shortly after qualifying with a large City firm; he was made a
partner in 1986 and subsequently spent six years in the firm’s New York
office. His practice concentrates on asset and project finance, with a
particular emphasis on the shipping and offshore oil and gas industries.
His clients include banks, lessors, shipping companies and companies in
the offshore services industry. He also advises on asset financing more
generally (where he is listed as a leading practitioner by Chambers),
together with acquisition finance, balance sheet lending and
securitisation. In addition, his practice encompasses more general
commercial contract advice. He has spoken and written on a wide range
of legal topics, including occasional notes in the LMCLQ and the
Cambridge Law Journal.
Simon Rainey QC
Barrister
Quadrant Chambers, London
Simon Rainey QC is a barrister at, and former joint head of, Quadrant
Chambers, London, one of the leading shipping and commercial sets. In
addition he been a visiting research fellow at the Institute of International
Shipping and Trade Law, University of Swansea since 2010 and was
appointed Honorary Professor of Law at Swansea University in 2013.
Simon has been in practice at the Bar since 1983; he took silk in 2000. In
shipping work he is regarded by both Chambers & Partners and the
Legal 500 as one of the leaders at the Bar, specialising in all aspects of
dry shipping and charterparty disputes. He has been notable in recent
years in heavy shipbuilding disputes (he has advised on everything from
oil rigs to FPSOs, new generation dry cargo vessels, tankers and super-
yachts), and in complex cases involving large casualties arising out of
dangerous cargo incidents. He is also highly regarded in the areas of
commodities, international arbitration, energy and natural resources, and
insurance. He was counsel for the successful buyer on the arbitration
appeal in The Union Power in 2013 on the application of the Sale of
Goods Act 1979 to the Norwegian Saleform; and is the author of Tug and
Tow and Offshore Contracts, the leading text on offshore industry
contracts (the third edition was published by Informa in December 2011).
Appointed a recorder in 2000, Mr Rainey was authorised to sit as a
deputy High Court judge in 2008. He also sits as an arbitrator under
LMAA, ICC, LCIA, UNCITRAL and other appointments and is a Fellow
of the Chartered Institute of Arbitrators.
 FOREWORD

I am ashamed to say that until I went to the opening of the colloquium at

the Institute of International Shipping and Trade Law (IISTL) at Swansea
University in September 2014 I knew nothing about either IISTL or the
colloquium. I now appreciate it has a well-deserved reputation of which I
was ignorant. It is always a pleasure to follow Sir David Steel, against
whom I fought many cases in years gone by. Almost everything he said
with regard to the book containing the papers from last year’s event is
applicable to this year’s book. So it would probably be sufficient for me
to say (as they do in the Court of Appeal), that I agree with Sir David and
there is nothing I can usefully add. However, that invites the response: I
agree.
As last year, IISTL has collated a serious of works by experts in many
different areas. Their success is thanks, not only to the contributors, but
also (as the Preface shows) to the vision and enthusiasm of the editors,
Barış Soyer and Andrew Tettenborn, whose powerful intellect is as
vibrant as ever.
One of the great disappointments of the Supreme Court is that we
almost never hear an appeal in a maritime case. So almost everything in
this valuable book came as a surprise to me. I can see that if I ever put up
my flag as an arbitrator there will be a great deal to learn.
I cannot pretend that I have read every word, but the book is a tour de
force. Six chapters on legal issues relating to shipbuilding followed by
ten chapters on ship sale contracts and practice add up to a most
impressive body of work on a whole area of the law. The book is a must
for students and practitioners. I wish both it and the IISTL every success.
I particularly enjoyed Simon Rainey QC’s analysis of the expression
‘as is’ in the context of the decision in the case of The Union Power,
although it would not be appropriate for me to express my own view on
the points he discusses. Perhaps I will have the opportunity of doing so
some time in the future. Finally, as evidence that I have studied the whole
book, I record my admiration that it has no less than 1,165 footnotes!
Anthony Clarke,
Lord Clarke of Stone cum Ebony,
Justice of the Supreme Court of the United Kingdom.
April 2015
 PREFACE

For most readers the IISTL, otherwise known as the Institute of

International Shipping and Trade Law, will need no introduction. For the
few who have yet to encounter this organisation, it was founded in 2000
in Swansea Law School to promote the academic study and development
of maritime and commercial law, and to organise regular colloquia on
selected topics of importance. Since that year it has seldom, if ever,
looked back; today the first week in September, when these meetings are
invariably held, is pre-emptively blanked out at an early stage in
commercial law offices up and down the kingdom. The present volume
marks the tenth IISTL Colloquium, held in Swansea in 2014 and
dedicated to shipbuilding, ship sales and marine finance. As ever,
contributions came from an eclectic mixture of top academics and
practitioners, from the City, and from Swansea and other universities.
Like Gaul of old, this particular work is divided into three parts. Its
divisions reflect the themes of the gathering from which it grew. The first
section, on shipbuilding, covers standard form contracts, the application
to them of general contractual principles, and specialist topics such as
builders’ risks insurance and refund guarantees (the latter topic having in
recent years kept a goodly number of lawyers in claret). On sale
contracts, something much changed in legal practice since the 2008 crash
knocked the stuffing out of freight rates, there is more on standard forms;
a vade mecum of what can go wrong at the sharp end and what to do
about it; and a sharp analysis of the cause célèbre of The Union Power.
As regards financing, coverage varies widely, much in the same way as
the disparate financial schemes available to support shipowners.
Enforcement of mortgages and the frustrating effects of international
insolvency law, demise charters (now almost overwhelmingly a financing
device), derivatives, and mortgagees’ interest insurance go to make up a
varied collation with something for everyone.
It remains for us as editors to express our heartfelt thanks to our
contributors and chairmen, without whose generosity there would have
been nothing to put in this book; and even more importantly, our
publishers Informa Group plc, without whom it could never have come
out. Informa have faithfully supported our colloquia for some years now,
and put up with editorial and other quirks with their usual good-
humoured but unfailing patience. For any mistakes, of course, it is we
who must accept full responsibility.
Barış Soyer
Andrew Tettenborn
February 2015
Swansea, Wales
 TABLE OF CASES

Abu Dhabi National Tanker Co v Product Star Shipping Co Ltd v Product

Star Shipping Co Ltd [1993] 1 Lloyd’s Rep 397…15
Acrux, The [1962] 1 Lloyd’s Rep 405…150
Adams v Cape Industries plc [1990] Ch 433 (CA)…190
Adyard Abu Dhabi v SD Marine Services [2011] EWHC 848 (Comm);
(2011) 27 Const LJ 594…57, 60, 63, 65, 67
Air Transworld Ltd v Bombardier Inc [2012] EWHC 243 (Comm); [2012]
1 Lloyd’s Rep 349…117, 131, 132, 133, 235, 238, 240
Alexion Hope, The [1988] 1 Lloyd’s Rep 311…179, 181
Alfred McAlpine Capital Projects Ltd vTilebox Ltd [2005] EWHC 281
(TCC); [2005] BLR 271…206
Alfred McAlpine plc v BAI (Run-Off) Ltd [2000] 1 Lloyd’s Rep 437…89,
97
Aliza Glacial, The [2002] EWCA Civ 577; [2002] 2 Lloyd’s Rep 421…
180
Al-Kishtaini v Shanshal [2001] EWCA Civ 264; [2001] Lloyd’s Rep Bank
174…251, 252, 257
Amoco Cadiz, The [1984] 2 Lloyd’s Rep 304…191
Andreson v Morice (1876) 1 App Cas 713…81
Andrews Brothers (Bournemouth) Ltd v Singer & Co Ltd [1934] 1 KB 17
(CA), 23…235
Andrews v Patriotic Assurance Co of Ireland (1886) 18 LR Ir 355…97
Angel Bell, The [1979] 2 Lloyd’s Rep 491…173
Anthony John Sharp and Roarer Investments Ltd v Sphere Drake
Insurance plc (The Moonacre) [1992] 2 Lloyd’s Rep 501…85
Anton Dürbeck GmbH v Den Norske Bank ASA [2003] 2 All ER 411
(CA)…160
Anton Dürbeck GmbH v Den Norske Bank ASA [2005] EWHC 2497
(Comm); [2006] 1 Lloyd’s Rep 93…157, 158, 159, 160
APJ Shalin, The [1991] 2 Lloyd’s Rep 62…154
Arab Bank plc v John D Wood Commercial Ltd [2000] Lloyd’s Rep IR
471…185
Arab Bank plc v Zurich Insurance Co [1999] 1 Lloyd’s Rep 262…178
Arash Shipping Enterprises Company Ltd v Groupama Transport [2011]
EWCA Civ 620; [2011] I CLC 984…245, 251
Armstrong’s Will Trusts (1857) 3 Kay & J486 (Ch), 495…233
Ashworth Frazer Ltd v Gloucester City Council [2001] UKHL 59, [2001]
1 WLR 2180…233
ASP Holdings Ltd v Pan Australia Shipping Pty Ltd [2006] FCA 1379;
(2006) 235 ALR 554…196, 197
Astra, The [2013] EWHC 865 (Comm); [2013] 2 Lloyd’s Rep 69…205
Atlantic Computer Systems plc, Re [1992] Ch 505…210
Atlantik Confidence, The [2014] EWCA Civ 217; [2014] 1 Lloyd’s Rep
586…162
Atlas Maritime Co SA vAvalon Maritime Ltd (The Coral Rose) (No. 1)
[1991] 1 Lloyd’s Rep 563…104
Bacon v Cooper (Metals) Ltd [1982] 1 All ER 397(QB)…223
Baker v Adam (1910) 15 Com Cas 227 174,…175
Baker v Raymond International, Inc., 656 F 2d 173, 184 (5th Cir 1981)…
198
Balfour Beatty v Chestermount Properties (1993) 62 B.L.R. 1 65,…66
Bank Mellat v Her Majesty’s Treasury [2013] UKSC 39…244, 245, 246
Bank of New South Wales v South British Insurance Co Ltd (1920) 4 Ll L
Rep 266 176, 178 Bank of Scotland Plc v The Owners of the Union
Gold [2013] EWHC 1696 (Admlty); [2014] 1 Lloyd’s Rep 53…154
Bank ofTokyo-Mitsubishi UFJ Ltd v MV Sanko Mineral (Owners) [2014]
EWHC 3927 (Admty) 168; [2015] 1 Lloyd’s Rep…247
Banque Indosuez SA v Ferromet Resources Inc [1993] BCLC 112…164
Barbudev v Eurocom Cable Management Bulgaria EOOD [2012] EWCA
Civ 548; [2012] 2 All ER(Comm)963…14
Barclays Mercantile Business Finance Ltd v Sibec Developments Ltd
[1992] 1 WLR 1253 (ChD)…210
Baumwoll Manufactur Von Carl Schleibler v Furness [1892] 1 QB 253
(CA), affirmed at [1893] AC 8 (HL) 189,…214
Baxendale v Fane (The Lapwing) [1940] P 112; Samuel (P) & Co Ltd v
Dumas [1924] AC 431…87
Behnke v Bede Shipping Company [1927] 1 KB 649…47, 51, 55, 235
Beijing Jianlong Heavy Industry Group v Golden Ocean Group Ltd [2013]
EWHC 1063 (Comm); 2 Lloyd’s Rep 61…250
Beresford v Royal Insurance Co Ltd [1938] AC 586…248
Bexhill UK Ltd v Razzaq [2012] EWCA Civ 1376…176
Bigge v Parkinson (1862) 7 H & N 955…117
Bineta, The [1967] 1 WLR 121…139
Bluewater Energy Services BV v Mercon Steel Structures BV [2014]
EWHC 2132 (TCC); (2014) 155 Con LR 85…66
Blyth Shipbuilding & Dry Docks Co Ltd (No 3), Re [1926] 1 Ch 494,
499…57
Board of Trustees of the Tate Gallery v Duffy Construction Ltd [2007]
EWHC 361 (TCC); [2007] Lloyd’s Rep IR 758…184
Bominflot Bunkergesellschaft fur Mineralole mbH & Co KG v Petroplus
Marketing AG (The Mercini Lady) [2010] EWCA 1145, [2011] 1
Lloyd’s Rep 442…114, 238, 240
Bower v Bantam Investments Ltd [1972] 1 WLR 1120 (ChD), 1126…230
Bowmakers v Barnet Instruments Ltd [1945] KB 65…248
BP Exploration Operating Co Ltd v Chevron Shipping Co [2001] UKHL
50; [2003] 1 AC 197…193
BP Exploration Operating Co Ltd v Kvaerner Oilfield Products Ltd and
another [2004] EWHC 999 (Comm); [2005] 1 Lloyd’s Rep 307…83,
177
Bradford Old Bank Ltd v Sutcliffe [1918] 2 KB 833(CA), 841…213,230
Brave Challenger, The [2003] EWHC 3154…126
Bridge Oil Ltd v Owners and/or Demise Charterers of the Ship Guiseppe
di Vittorio (No. 1) (The Guiseppe di Vittorio) [1998] 1 Lloyd’s Rep
136 (CA), 156…212, 214, 226
Britain SS Co Ltd v Lithgows Ltd, 1975 SC 110…5
British Celanese Ltd v A H Hunt (Capacitors) Ltd [1969] 1 WLR 959…91
British Gas Trading Ltd v Eastern Electricity Plc & Ors, 18 December
1996 (CA) (unreported)…233
British Nylon Spinners v ICI Ltd [1955] Ch 37 250,…251
British Westinghouse Electric & Manufacturing Co Ltd v Underground
Electric Railways Co of London Ltd [1912] AC 673 (HL)…221, 222,
 224, 225
Buena Trader, The [1978] 2 Lloyd’s Rep 325…113
Bulk Chile, The [2012] EWHC 2107 (Comm); [2012] 2 Lloyd’s Rep
594…166
Burnand v Rodocanachi Sons & Co (1882) 7 App Cas 333…182
Butters v BBC Worldwide Ltd [2009] EWHC 1954; [2009] BPIR 1315…
14
BW Gas AS v JAS Shipping Ltd [2010] EWCA 68, [2010] 2 Lloyd’s Rep
626…215, 217,219
Caja de Ahorros del Mediterraneo v Gold Coast Ltd [2001] EWCA Civ
1806; [2002] CLC 397…8, 9
Caledonia North Sea Ltd v British Telecommunications plc [2002] UKHL
4; [2002] 1 Lloyd’s Rep 553…182, 186
Canada Rice Mills Ltd v Union Marine & General Insurance Co Ltd
[1941] AC 55…87
Canada Steamship Lines v the King [1952] 1 Lloyd’s Rep 1…36
Canadian Pacific Ltd v Base-fort Security Services (BC) Ltd (1991) 767
(BC CA)…84
Cape Hatteras, The [1982] 1 Lloyd’s Rep 518…67
Captain Panagos DP, The [1985] 1 Lloyd’s Rep 625 178,…186
Castellain v Preston (1883) 11 QBD 380 182,…184
Caterpillar (NI) Ltd v John Holt & Co (Liverpool) Ltd [2013] EWCA Civ
1232; [2014] 1 Lloyd’s Rep 180…48,51
CC Orient, The [1985] HKC 115…157
Cenargo Ltd v Empresa Nacional Bazan [2002] EWCA Civ 524; [2002]
CLC 1151…19, 29,37
Chem Orchid, The [2014] SGHCR 1; [2014] 1 Lloyd’s Rep 520 190,…
196
China Shipbuilding Corp v Nippon Yusen Kabukishi Kaisha & Anor (The
Seta Maru, The Saikyo andThe Suma) [2000] 1 Lloyd’s Rep 367 (QB)
…5, 11, 20, 36,…228
ChoilTrading SA v Sahara Energy Resources Ltd [2010] EWHC 374
(Comm)…126, 127, 236
Christopher Hill Ltd v Ashington Piggeries Ltd [1969] 2 Lloyd’s Rep
425…130
Christopher Hill Ltd v Ashington Piggeries Ltd [1972] AC 441 (HL)…
217, 237
CMA CGM SA v Hyundai Mipo Dockyard Co Ltd [2008] EWHC 2791,
[2009] 1 Lloyd’s Rep 213…212
CMC (Australia) Pty Ltd vThe Ship Socofl Stream [1999] FCA 1419;
(1999) 95 FCR 403 (The Socofl Stream First Instance) and on appeal
[2001] FCA 961 (The Socofl Stream Appeal)…190, 196, 197
Cockell v Taylor (1852) 15 Beav 103 (Ch), 118…233
Colonial Mutual General Insurance Co Ltd v ANZ Banking Group (New
Zealand) Ltd [1995] 1 WLR 1140…176, 177
Commonwealth Construction Co Ltd v Imperial Oil Ltd [1978] 1 SCR
317…84, 85
Constitution Insurance Co of Canada v Kosmopoulos (1987) 34 DLR (4th)
208 (Sup Ct Canada)…172
Contra, Nicholson & Venn v Smith-Marriott (1947) 177 LT 189 (KB)…
237
Cooper Ewing & Co Ltd v Hamel & Horley Ltd (1922) 13 L1L Rep 590
(KB)…221
Co-operative Insurance Society Ltd v Argyll Stores [1998] AC 1…54, 55
Cooperative Wholesale Society Ltd v National Westminster Bank plc
[1995] 1 EGLR 97…75
Couchman v Hill [1947] KB 554 (CA)…217, 237
Courtney & Fairbairn Ltd v Tolaini Brothers (Hotels) Ltd [1975] 1 WLR
297…14
Covas v Bingham (1853) 2 El & Bl 836…127
Cox v Riley (1986) 83 Crim App R 54…91
Cullinane v British Rema Manufacturing Co Ltd [1954] 1 QB 292…226
Cutter v Powell (1795) 6 TR 320…63
D & M Trailers (Halifax) Ltd v Stirling [1978] RTR 468,…472 237
Dalmare SpA v Union Maritime Ltd (The Union Power) [2012] EWHC
3537 (Comm); [2013] 1 Lloyd’s Rep 509…5,51, 110, 112, 113, 114,
115, 116, 119, 120, 121, 122, 125, 126, 127, 129, 130, 132, 133, 134,
138, 140, 235, 236
Damon Compania Naviera SA v Hapag-Lloyd International SA (The
Blankenstein, Bartenstein and Birkenstein) [1985] 1 WLR 435 (CA)…
213
Dany Lions Ltd v Bristol Cars Ltd [2014] EWHC 817, [2014] 2 All ER
403 [36].…230, 231
David Meek Plant Ltd, Re [1994] 1 BCLC 680…210
Davis Contractors Ltd v Fareham Urban District Council [1956] AC
696…246
Decro-Wall International SA v Practitioners in Marketing Ltd [1971] 1
WLR 361 (CA), 368…221
Dedgeon v Pembroke (1874) LR 9 QB 581 and Lamb Head Shipping Co
Ltd v Jennings (The Marel) [1992] 1 Lloyd’s Rep 402…88
Deepak Fertilisers & Petrochemicals Corporation v Davy McKie (London)
Ltd and ICI Chemicals and Polymers Ltd [1999] 1 Lloyd’s Rep 387…
85
Deutsche Bank AG v Total Global Steel Ltd [2012] EWHC 1201, [2012]
EnvLRD7 [167]…226
Deutsche Bank AG v Unitech Ltd [2013] EWHC 2793 (Comm)…250
DG Finance Ltd v Scott [1999] Lloyd’s Rep IR 387…172
Diana Prosperity, The [1976] 1 WLR 989 (HL)…217, 218, 219
Direct Line Insurance plc v Khan [2001] EWCA Civ 1794; [2002] Lloyd’s
Rep IR 364…177
Dixon Kerly Ltd v Robinson [1965] 2 Lloyd’s Rep 404…5
Dodd v Churton [1897] 1 QB 562…62,63
Dunkirk Colliery Co v Lever (1878) 9 ChD 20 (CA)…222
Dunlop Pneumatic Tyre Co Ltd v Selfridge & Co Ltd [1915] AC 847,
853…229
DVB Bank SE v Shere Shipping Co Ltd [2013] EWHC 2321 (Ch)…252,
253, 257
Ebsworth v Alliance Marine Insurance Co (1873) LR 8 CP 596…81, 173
Edward Nelson & Co Ltd v Faber & Co [1903] 2 KB 367 (KB), 375…233
Edwin Hill & Partners v First National Finance Corporation Plc [1989] 1
WLR 225 .…158, 159
Edwinton Commercial Corp v Tsavliris Russ (Worldwide Salvage and
Towage) Ltd (The Sea Angel)…246
Eide UK Ltd v Lowndes Lambert Group Ltd [1999] QB 199…178
Emilia, The, 1963 AMC 1447…162
Ertel Bieber & Co v Rio Tinto Co Ltd [1918] AC 260…244
Euro-Diam Ltd v Bathurst [1990] 1 QB 1…248,251,256
Evelpidis Era, The [1981] 1 Lloyd’s Rep 54…174
Everilda, The (1927) 29 Ll LR 238…153
Evia (No. 2), The; [1982] 1 Lloyd’s Rep. 334 (CA); [1982] 2 Lloyd’s Rep.
307; [1983] 1 A.C. 736 (HL)…202
Faial, The [2000] 1 Lloyd’s Rep 473…204
Fairchild v Glenhaven Funeral Services Ltd [2002] UKHL 22, [2003] 1
AC 32…190
Falkonera Shipping Co v Arcadia Energy Pte Ltd (The Falkonera) [2014]
EWCA 713, [2014] 2 Lloyd’s Rep 406 [38]…14, 233
Farkas v National Union Fire Insurance Company of Pittsburgh, 861 F
Supp 2d 716 (2012), (US District Court); unreported, 11 April 2013
(US Court of Appeals for Fourth Circuit)…181
Father Thames, The [1979] 2 Lloyd’s Rep 364 (QB)…194
Feasey v Sun Life Assurance Co of Canada [2003] EWCA Civ 885;
[2003] Lloyd’s Rep IR 637…85
Felixstowe Dock & Railway Co v Unites States Lines Inc [1989] QB
360…164
Fibria Cellulose SA v Pan Ocean Co Ltd [2014] EWHC 2124 (Ch); [2014]
Bus LR 1041…168
Firodi Shipping Ltd v Griffon Shipping LLC [2013] EWCA Civ 1597;
[2014] 1 Lloyd’s Rep 471…140, 141
Flame SA v GloryWealth Shipping PTE Ltd (The Glory Wealth) [2013]
EWHC 3153, [2014] QB 1080…221
FNCB Ltd v Barnet Devanney (Harrow) Ltd [1999] Lloyd’s Rep IR 459
178,…180
Foreign Cooperation Company of China v MV Beluga Sydney,
Unreported, Civil Court of Malta, 30 December 2011…167
Foster v Driscoll [1929] 1 KB 470…249, 250, 251, 257
Fraser v BN Furman (Productions) Ltd [1967] 1 WLR 898…95
Fratelli Sorrentino v Buerger [1915] 3 KB 367 (CA)…151
Freeth v Burr (1874) LR 9 CP 208 (CCP), 213…221
Friends Provident Life & Pensions Ltd v Sirius International Insurance
[2005] EWCA Civ 601; [2005] 2 Lloyd’s Rep 517…89, 96
Frio Chile, The [1995] 1 Lloyd’s Rep 182…179
Frost v Knight (1871–72) LR7 Ex. 111 (ExchCt), 114…225
Fulton Shipping Inc of Panama v Globalia Business Travel SAU of Spain
[2014] EWHC 1547, [2014] 2 Lloyd’s Rep 230…222, 223, 224, 225
Gabarick v Lauren Maritime 900 F Supp 2d 669 (ED La 2012)…199
Gebrüder Metelmann GmbH & Co KG v NBR (London) Ltd [1984] 1
Lloyd’s Rep 614 (CA), 632…224
Geden Operations Ltd v Dry Bulk Handy Holdings Inc (The Bulk
Uruguay) [2014] EWHC 885, [2014] 2 Lloyd’s Rep 66 18,…221
General Accident Fire & Life Assurance Corp Ltd v Midland Bank Ltd
[1940] 2 KB 388…177
General Share & Trust Co v Wetley Brick and Pottery Co (1882) ChD
260…209
Gilbert Ash (Northern) Ltd v Modern Engineering (Bristol) Ltd [1974] AC
689 (HL), 717 58,235
Global Process Systems Inc v Syarikat Takaful Malaysia Berhad (The
Cendor Mopu) [2011] UKSC 5; [2011] 1 Lloyd’s Rep 560…88
Glory Wealth Shipping Pte Ltd v Korea Line Corp (The Wren) [2011]
EWHC 1819, [2011] 2 Lloyd’s Rep 370 [31] 225,…226
Gold Coast Ltd v Caja de Ahorros del Mediterraneo [2001] EWCA Civ
1806; [2002] 1 All ER(Comm) 142…75
Golden Fleece Maritime Inc v ST Shipping & Transport Inc (The ‘Elli’
andThe ‘Frixos’) [2007] EWHC 1890, [2008] 2 Lloyd’s Rep 119 [59]
…227
Golden Ocean Group Ltd v Salgaocar Mining Industries Pvt Ltd [2012]
EWCA Civ 265; [2012] 1 Lloyd’s Rep 542…74
Golden Strait Corporation v Nippon Yusen Kubishka Kaisha (The Golden
Victory) [2007] UKHL 12, [2007] 2 AC 353…222, 224
Good Luck, The [1988] 1 Lloyd’s Rep 514 170, 175, 179, 180,…184
Goole and Hull Steam Towing Co Ltd v Ocean Marine Insurance Co Ltd
[1928] 1 KB 589…182
Graham Joint Stock Shipping Co Ltd v Merchants’ Marine Insurance Co
Ltd (1922) 13 Ll L Rep 509; [1924] AC 294…176, 178
Greene Wood McLean LLP v Templeton Insurance Ltd [2010] EWHC
2679 (Comm); [2011] 1 Lloyd’s Rep 557…185
Griffin v UHY Hacker Young & Partners (A Firm) [2010] EWHC 146
(Ch); [2010] PNLR 20…204
Griffon Shipping Ltd v Firodi Shipping Ltd (The Griffon) [2013] EWCA
1567; [2014] 1 Lloyd’s Rep 15; [2013] EWHC 593 (Comm); [2013] 2
Lloyd’s Rep 50…107, 109, 110
Gulf Marine & Industrial Supplies Inc v Demise Charterer of the Ship or
Vessel MV Trident Dawn [1992] HKCFI 273 (The Sea Empire) 196,…
197
Gulf Venture, The [1985] 1 Lloyd’s Rep 131…160
Gyllenhammar & Partners International Ltd v Sour Brodogradevna Split
[1989] 2 Lloyd’s Rep 403…54, 55
Hadley v Baxendale (1854) (1854) 9 Ex 341,…355 225
Halcyon Isle, The [1975] 1 Lloyd’s Rep 525…154
Harry & Garry v Jariwalla [1988] WL 1608652…47
Heaven & Kesterton v Établissements François Albiac et Cie [1956] 2
Lloyd’s Rep 316 (QB)…223
Hendry v Chartsearch Ltd [1998] CLC 1382 (CA), 1393…233
HIH Casualty and General Insurance Ltd v Chase Manhattan Bank [2003]
UKHL 6; [2003] 2 Lloyd’s Rep 61…36
Hinde v Liddell (1874–75) LR 10 QB…222
Hirtenstein & Il Sole Ltd v Hill Dickinson LLP [2014] EWHC 2711
(Comm)…129, 130, 134,222
Holme v Brunskill (1878) 3 QBD 495…42
Holme v Guppy (1838) 3 M & W 387 60,…63
Hopewell Project Management Ltd and Hopewell Energy (Philippines)
Corp v Embank Preece Ltd [1998] 1 Lloyd’s Rep 448…83, 86
Horwood v Land of Leather Ltd [2010] EWHC 546 (Comm); [2010]
Lloyd’s Rep IR 453…185
Houghland v R R Low (Luxury Coaches) Ltd [1962] 1 QB 694…31
Houlder Bros & Co Ltd v Gibbs [1925] Ch 575 (CA), 583…233
Hutchins Brothers v Royal Exchange Insurance Corp [1911] 2 KB 398…
92
Hyundai Heavy Industries Co Ltd v Papadopoulos [1980] 1 WLR 1129;
[1980] 2 Lloyd’s Rep 1…8, 17, 50, 51, 58, 59
I Congreso del Partido, The [1978] QB 500 (QB), 537–538…214
IBA v EMI and BICC (1980) 14 BLR 1…190
IBM UK Ltd v Rockware Glass Ltd [1980] FSR 335 (CA), 339…230
Icon Amazing, The, 951 F Supp 2d 909 (2013 SDTexas)…208
Indigo International Holdings Ltd v Owners and/or Demise Charterers of
the Vessel Brave Challenger (The Brave Challenger) [2003] EWHC
3154…235, 236
International Drilling Fluids Ltd v Louisville Investments (Uxbridge) Ltd
[1986] Ch 513 (CA),520…233
Iqbal v Thakrar [2004] EWCA 592, [2004] 3 EGLR 21 [26]…233
Iraqi Ministry of Defence v Arcepey Shipping Co Ltd SA (The Angel
Bell) [1979] 2 Lloyd’s Rep 491…81
Islamic Republic of Iran Shipping Lines v Council of the European Union,
Case T-489/10…244
Islamic Republic of Iran Shipping Lines v Steamship Mutual Underwriting
Association (Bermuda) Ltd [2010] EWHC 2661 (Comm); [2011] I
Lloyd’s Rep 195…246, 253, 256
Ispahani v Bank Melli Iran [1998] Lloyd’s Rep Bank 133…250, 251
J Pereira Fernandes SA v Mehta [2006] EWHC 813 (Ch); [2006] 1 WLR
1543…74
Jack Neilson, Inc v Tug Peggy 428 F 2d 54, 58 (5th Cir 1970)…208
Jamal v Moolla Dawood Sons & Co [1916] 1 AC 175 (PC), 179…224,225
Jefferson Bank & Trust Co vVan Niman, 722 F2d 251, 252 (5th Cir 1984)
…162
Jet2.com Ltd v Blackpool Airport Ltd [2012] EWCA 417, [2012] 1 CLC
605 [29]…230
JJ Lloyd Instruments Ltd v Northern Star Insurance Co Ltd (The Miss Jay
Jay) [1985] 1 Lloyd’s Rep 264…92
Jogoo, The [1981] 1 WLR 1376…161
Johnson v Agnew [1980] AC 367 (HL), 400…225
Johnstone v Milling (1886) 16 QBD 460 (CA)…221
Joint Frost, The [1998] 1 Lloyd’s Rep 310…179
Jotunheim, The [2004] EWHC 671 (Comm); [2005] 1 Lloyd’s Rep 181…
207
Kaines (UK) v OesterreichischeWarenhandelsgesellschaft Austrowaren
GmbH [1993] 2 Lloyd’s Rep 1 (CA), 224,…225
Kastor Navigation Co Ltd v AGF MAT [2004] EWCA Civ 277; [2004] 2
Lloyd’s Rep 119…186
Keighley, Maxsted & Co v Durant [1901] AC 240…177
Kleinwort Sons & Co v Ungarische Baumwolle Industrie AG [1939] 2 KB
678…250
Koch Marine Inc v d’Amica SaRL (The Elena d’Amico) [1980] 1 Lloyd’s
Rep 75 (QB), 87…224,225
Korea Line Corporation, Unreported, Companies Court, February 25,
2012…166
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 TABLE OF STATUTES

Arbitration Act 1996

s 69…120
ss 99 to 104…231
Capital Allowances Act 2001
Chapter 11…188
s 67…188
Contracts (Rights of Third Parties) Act 1999…173, 229, 232, 239
s 1(1) 220,…232
s 1(3)…232
s 3…232
Counter-Terrorism Act 2008…246
Emergency Laws (Re-enactments and Repeals) Act 1964…251
Emergency Powers (Defence) Act 1939…252
Enterprise Act 2002…209
Harbours, Docks, and Piers Clauses Act…1847
s 74…193
Insolvency Act 1986
s 11…210
s 251…209
Sch l,para 13…210
Sch B, para 72(1)…209
Sch B, s 43(3)…209
Sch B1…210
Sch B1, para 111…209
ss 72A to 72G…209
Insurance Act…2015
s 4(6)…178
 Another Random Document on
Scribd Without Any Related Topics
 the 107th swept over four successive lines of German trenches,
capturing nearly 600 prisoners and reaching the objective laid
down for them absolutely on the stroke of the hour fixed as the
time they might be expected to get there. On the left the 12th
Royal Irish Rifles made a magnificent effort, but were swept
away by machine-gun fire. They did all that men could do. The
9th Royal Irish Rifles went to them, and succeeded in getting
into the German trenches, and were held up there by weight of
munition and machine-guns.”
6. It fills me with pride to think how splendidly our men were
capable of performing.
7. On the 30th September, 1915, His Majesty the King was
graciously pleased to say to the Ulster Division:—“I am
confident that in the field you will nobly uphold the traditions of
the fine regiments whose name you bear.” This mandate has
been faithfully obeyed with a heroism and devotion that will
establish a rich record in the annals of the British Army, and
conveyed to us by the war cry of Ulster—“No Surrender.”

GEO. RICHARDSON,
Lt.-General, G.O.C., U.V.F.

Sir E. Carson has issued the following message to the Ulster people:
—

I desire to express, on my own behalf and that of my colleagues

from Ulster, the pride and admiration with which we have learnt
of the unparalleled acts of heroism and bravery which were
carried out by the Ulster Division in the great offensive
movement on July 1st.
From all accounts that we have received they have made the
supreme sacrifice for the Empire of which they were so proud,
with a courage, coolness, and determination, in the face of the
 most trying difficulties, which has upheld the great tradition of
the British Army. Our feelings are, of course, mingled with
sorrow and sadness at the loss of so many men who were to us
personal friends and comrades; but we believe that the spirit of
their race will at a time of such grief and anxiety sustain those
who mourn their loss and set an example to others to follow in
their footsteps.

His Grace the Lord Primate of All Ireland, who was in Dungannon
holding a visitation of the clergy of the rural deaneries of
Dungannon, Aghalo, and Tullyhogue, has given us the following
message to the people of Ulster:—

All Ireland is proud of the noble gallantry of the Ulster Division.

I have lived amongst these officers and men for the greater part
of my life, and I expected nothing else. They are of the stock
from which our heroes come and to whom our Empire owes so
much—unconquered and unconquerable.
To-day our hearts are bowed with woe for their relatives at
home who have been so grievously bereaved. For many years to
come the gallantry of these sons of Ulster will be an inspiration
to fresh generations of Irishmen.
I spent a considerable time with them last January in France,
and I can testify to their patience and pluck, as well as to their
chivalry and courtesy. Oh! the wild charge they made! Their
services for honour and truth, after they have passed on into
the near presence of God, will never be forgotten.

The Right Rev. Dr. D’Arcy, the Bishop of Down, in a message, says:—

The 1st of July will for all the future be remembered as the
most glorious in the annals of Ulster. Terrible indeed are the
losses sustained. Many of our noblest and best young men, to
whom we looked for help and leadership in the time to come,
have given their lives in the service of their country and for the
 welfare of humanity. But our deep sorrow is permeated by the
sense of the joyful exultation at their splendid heroism. They
have proved themselves worthy of the grandest traditions of
their race. They have, indeed, surpassed all records of ancient
chivalry. Wherever Ulstermen go they will carry with them
something of the glory of the great achievement of the 1st July.
The spirit of willing sacrifice for the sake of those great ideals of
liberty and progressive humanity which belonged to all that is
best in the British race, and which has inspired Ulster
throughout all her recent struggles, was never more
magnificently exhibited.

The Right Rev. Dr. Day, the Bishop of Clogher, writes:—

I most heartily join with the Lord Primate, the Bishop of Down
and others in offering my congratulations to the Ulster Division
on the record of their noble deeds at the front in taking a
prominent part in the great offensive which was begun on July
1st by the united forces of France and England. While we regret
the heavy roll of casualties with which their great achievements
were carried out, and sincerely sympathise with the sorrowing
relatives of those who have fallen in the cause of their King and
country, the “order of the day” issued by General Nugent is a
testimony to valour and determination which may well rouse the
admiration of everyone who is associated with Ulster.
MAURICE CLOGHER.

The following paragraph, taken from the “News-Letter,” July 12th,

1916, shows how Belfast and the people of Ulster paid a tribute to
their glorious dead:—
“This year, for the first time in the history of the Orange Institution,
the celebration of the anniversary of the Battle of the Boyne was
abandoned, while the customary holidays were to a great extent
postponed until next month, to enable the shipyards and munition
works to complete immediate orders. At the suggestion of the Lord
Mayor, all work, business and household, was temporarily suspended
for five minutes following the hour of noon to-day, as a tribute to the
men who have fallen in the great British offensive. Viewed from the
City Hall, on the steps of which the Lord Mayor and Lady Mayoress
were standing, the scene was most impressive. On the stroke of 12
all traffic came to a standstill, men raised their hats, ladies bowed
their heads, the blinds in business and private houses were drawn,
and flags were flown at half-mast. The bells at the Assembly Hall
tolled, and after the interval of five minutes chimed the hymn ‘Abide
with Me.’ Intercessory services were held in the Cathedral and other
churches. Shortly before noon the following telegram was received
by the Lord Mayor from Sir Edward and Lady Carson:—‘Our prayers
and solemn thoughts will be with you all at 12 o’clock, in memory of
our illustrious dead, who have won glory for the Empire and undying
fame for Ulster. May God bless and help their sorrowing families.’”
THE EXTERIOR OF ST. RIQUIER CATHEDRAL.
 NOTE ON ST. RIQUIER.
(Appendix I.)
A beautiful description of St. Riquier and the foundation of the
Abbey is given in a book by Margaret Stokes, “Three Months in the
Forests of France.”

About the year 589, two Irishmen, named Caidox and Fricor,
disembarked on the coast at the little town of Quentovic, on the
mouth of the Somme, with twelve companions, and they
followed the great Roman road, now called the Chaussée
Brunehaut, preaching the Gospel on their way. They reached
Centule (now St. Riquier), and remained there some days to
rest. Some say they came to France with Columban, and that
when Columban resumed his journey towards the Vosges, he
left behind him these two monks that they might give
instructions to the half-barbarous inhabitants, and initiate them
into the mysteries of the Christian religion. “They fought on,”
said the old chronicler, “perceiving that the inhabitants of
Centule (St. Riquier) were blinded by error and iniquity, and
were subjected to the most cruel slavery; they laboured with all
their strength to redeem their souls, and wash them in the
Saviour’s Blood.” But the people could not understand the
language of these heavenly messengers, and they rebelled
against a teaching so holy and sublime. They demanded what
these adventurers, who had just escaped out of a barbarous
island, could be in search of, and by what right they sought to
impose their laws on them. The voice of charity was met by
cries, menaces, and outrage, and the natives strove to drive
them from their shores by violence, when suddenly a young
noble, named Riquier, appeared upon the scene. He
commanded silence, and arrested the most furious amongst the
mob, and taking the two strangers under his protection, he
brought them into his house. He gave them food and drink, and
in return they gave him such nourishment of the soul as he
before had never tasted. He learned to know God and love Him
beyond all things.... When he had taken orders he became the
founder of the celebrated Abbey of Centule (now St. Riquier),
and the bodies of the two Irishmen from whom he had learned
Christianity were interred with splendour in this church. When
St. Angelbert, in the year 799, restored this church, he also
restored the half-ruined tombs, decorated their shrines with
such magnificence, and inscribed verses upon them in letters of
gold. The relics of the two saints lay beneath the monument till
the year 1070, when St. Geroinus transferred them to a silver
shrine adorned with precious stones, and in this shrine also
were laid the relics of another Irish saint, Mauguille. Their
festival is celebrated on June 3rd. On the road from Abbeville to
Doullens, on the edge of the wood of St. Riquier, and below the
slope of a smiling hill, an ancient church, majestically seated in
the valley below, comes into view. It is the Abbey Church of St.
Riquier. The town rises from the foot of the church like an
amphitheatre round the enclosure of its ancient walls. The great
tower rises above the fertile fields around and above the
summits of the distant hills and woodland glades. The little
stream of Seardon, which almost threatens to disappear at its
very source, passes through the lower town and on towards the
south-west. The old chroniclers called it Reviere au Cardons,
from the little flower cardoon. This little thread of water, rising
at Bonnefontaine, under Isinbard’s tomb, is swelled by the
junction with the river Mirandeuil, or Misendeuil, a name derived
from the fact that it was at this spot the ladies of St. Riquier
first heard the fatal news that their husbands had fallen in the
Battle of Crecy.... The labours of the Irish Church in Picardy,
commenced by these two missionaries, Caidox and Fricor, and
carried on by the disciples of Columban from Luxeuil, were
destined to receive a fresh impetus from the parent country.
Another mission, this time from the shores of Lough Corrib, in
Galway, was undertaken. Fursa and his twelve companions, who
landed at Mayoc, at the mouth of the river Somme, A.D. 638,
went up the river to St. Riquier, a monastery in which he must
have found traditions of his native Church.

THE INTERIOR OF ST. RIQUIER CATHEDRAL.

 OFFICERS 11th BATTALION ROYAL IRISH RIFLES. July.
1915
Top Row—Lieut. Waring, 2nd Lieut. Ellis, 2nd Lieut. P. B. Thornely,
Lieut. F. G. Hull, 2nd Lieut. D. J. Brown, Lieut. E. Vance, Lieut. R. H.
Neill (Assistant Adjutant), 2nd Lieut. C. C. Canning.
Second Row (standing)—Lt. and Q.M. W. L. Devoto, Lieut. R.
Thompson (Transport Officer), Lieut. C. F. K. Ewart, 2nd Lieut. C. G.
F. Waring, 2nd. Lieut. S. A. M‘Neill, 2nd Lieut. D. S. Priestly, 2nd
Lieut. W. C. Boomer, 2nd Lieut. T. H. Wilson, 2nd Lieut. G. O. Young
(Scout Officer), Lieut. K. M. Moore, Lieut. M. C. Graham (Medical
Officer), Captain S. D. B. Masters.
Third Row (sitting)—Captain Smyth, Capt. C. C. Craig, M.P., Capt. A.
P. Jenkins, Capt. R. Rivers Smyth (Brigade Major, 108th Inf. Brigade),
Major P. L. K. Blair Oliphant (2nd in Command), Lt.-Col. H. A.
Pakenham (Commanding), Major W. D. Deverell (Adjutant), Capt. O.
B. Webb, Capt. A. F. Charley, Capt. A. P. I. Samuels.
Two Officers sitting in front—2nd Lieut. C. H. H. Orr, 2nd Lieut. J. C.
Carson.
 Biographies of Officers of 11th
Royal Irish Rifles (South Antrim
Volunteers,) who were killed or
wounded during the Battle of the
Somme.
In some cases Photographs could not be obtained.
 Captain C. C. Craig.
Commanding B Company; wounded and prisoner; M.P.
for South Antrim.
 Major A. P. Jenkins, Lisburn.
Commanding A Company; wounded and prisoner; first
reported missing; received Commission as Captain in
11th Royal Irish Rifles, September, 1914, served in
France till July 1st, 1916, when wounded and made
prisoner, released from Germany owing to wounds in
December, 1916, spent from December, 1916, till
November, 1917, as a repatriated prisoner of war in
Switzerland, returned to England November, 1917.
 Captain O. B. Webb.
Commanding D Company, killed in action; son of the
late Mr. Charles J. Webb, J.P., the Old Bleach Linen
Company, Randalstown.
 Captain A. P. I. Samuels.
Commanding C Company; wounded during
bombardment previous to advance, afterwards killed at
Messines, September, 1916; son of the Right Hon. Mr.
Justice Samuels.
 Captain E. F. Smith.
Wounded; son of Mr. Smith of Banbridge; before the
war was an officer in the Lisburn contingent of the
U.V.F.
 Lieut. E. B. Vance.
Died of wounds a prisoner in Germany; C Company; son
of the late Mr. William Vance, Antrim.
 Captain Cecil Ewart.
Killed in action; second in command of C Company; he
took Command of the Company after Captain Samuels
was wounded. Captain Ewart is the second son of Mr. F.
W. Ewart, Derryvolgie, Lisburn.
 Lieut. R. H. Neill.
Killed; only son of Mr. Reginald Neill, Colingrove,
Dunmurry; educated at Mourne Grange, Kilkeel, Co.
Down, and Malvern College, Worcestershire. He was
formerly an officer in the 2nd Batt. South Antrim
Regiment, U.V.F.
 Lieut. W. Ellis.
C Company; wounded; son of Mr. Ellis, Toomebridge.
 Lieut. G. O. Young.
C Company, Scout Officer; gassed in bombardment
previous to advance; son of Mr. George L. Young, J.P.,
Culdaff House, Co. Donegal, and Millmount,
Randalstown.
 Sec.-Lieut. B. W. Gamble.
A Company; wounded; son of Mr. Baptist Gamble, 2
Elmwood Avenue, G.W.R., Belfast.
 Sec.-Lieut. G. N. Hunter.
Wounded; second son of Mr. Samuel Hunter, Gracepark
Gardens, Dublin, Public Valuer to His Majesty’s Treasury
in Ireland.
 Sec.-Lieut. E. Daniel.
Shell-shock; son of Mr Daniel, Dungannon.
 Sec.-Lieut. J. W. Salter.
B Company; prisoner; first reported killed.
 Sec.-Lieut. C. J. H. Samuels.
D Company; wounded; nephew of the Right Hon. Mr.
Justice Samuels.
 Sec.-Lieut. F. B. Thornely.
Wounded; B Company; nephew of Major Blair Oliphant,
second in Command of the Battalion; received his
commission from Uppingham School.
 Sec.-Lieut. J. C. Carson.
C Company; wounded; only son of Mr. J. Carson, of
Parkmount, Lisburn, and the Stock Exchange, Belfast.
 Sec.-Lieut. J. C. Orr.
Wounded; son of Mr. J. C. Orr, Londonderry. Was in the
Hong Kong and Shanghai Bank, London, before the war.
He was with the 108th Brigade Trench Mortar Battery
during the advance.
 Sec.-Lieut. C. R. B. Murphy.
Wounded; son of the Rev. Dr. Murphy, Rector of St.
George’s Parish Church, Belfast.
 Sec.-Lieut. D. S. Priestly.
Killed, attached 108th Brigade Machine Gun Corps. This
officer had been with D Company until January, 1916.
 Sec.-Lieut. W. C. Boomer.
D Company, Lisburn; wounded previous to July 1st.
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