GRAVELOR SHIPPING LTD v GTLK ASIA M5 LTD AND ANOTHER

[2023] 2 Lloyd's Rep. 239

KING’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice Foxton

Charterparty (demise) – Financing bareboat charterparty with purchase option upon termination – Registered vessel owners’ group of companies subject to sanctions – Termination of charterparty – Purchase option subject to payment of outstanding sums – Registered owner's duty to make demand for payment – Nomination of bank account for payment where sanctions applied – Effect of payment by charterer to bank observing sanctions – Specific performance of obligations under charterparties – Whether damages an adequate remedy.