Lloyd's Maritime Law Newsletter

Practice – Limitation of time – Bank lending funds to enable construction and purchase of vessel by Iranian company – Bank concluding interest rate swap agreement with purchaser – Sanctions imposed preventing purchaser accessing loan funds – Shipbuilder terminating construction contract – Bank calling in sums due from purchaser on termination of loan and swap agreements – Purchaser paying sum under alleged economic duress – Purchaser bringing claim against bank claiming recovery of sum paid on grounds of unjust enrichment and/or as damages for breach of swap agreement – Whether claim time-barred – Whether purchaser entitled to rely on section 32(1)(a) or 32(1)(b) of Limitation Act 1980

Demurrage – Substitute charterparty concluded following repudiation of original charter for non-payment of freight – Delay in payment of freight and demurrage – Delay at discharge port – Owners making demurrage claims under original and substitute charterparties – Whether owners entitled to rely on provision entitling them to delay discharge until receipt of freight – Whether owners wrongfully exercised lien – Whether period of delay counted as time on demurrage