Lloyd's Law Reports Plus

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

PARBULK AS v KRISTEN MARINE SA AND ANOTHER

[2011] Lloyd's Rep Plus 2

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Burton

Sale of ship - Sale and leaseback of newbuild vessels on Barecon terms - Buyer obtaining loan of purchase price from bank on terms that it should enter into swap agreements - Delay in construction of vessels - Buyer giving notice of cancellation - Sale agreement providing that in event of cancellation seller should pay buyer its "proven expenses" including "breakage cost with the Buyer's lenders" - Buyer seeking summary judgment for costs incurred in breaking swap agreements and other out-of-pocket expenses - Summary judgment - CPR Part 24.

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