PARBULK AS v KRISTEN MARINE SA AND ANOTHER

[2011] 1 Lloyd's Rep. 220

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.