Globalia Business Travel S.A.U. (formerly TravelPlan S.A.U.) of Spain v Fulton Shipping Inc of Panama [2017]

Supreme Court

28 Jun

Written By Louise Glover

Globalia Business Travel S.A.U. (formerly TravelPlan S.A.U.) of Spain v Fulton Shipping Inc of Panama [2017] UKSC43 — 28 June 2017 (Lord Neuberger)

“After charterers' repudiation of a time charter of a cruise ship, owners later sold the vessel to a third party for more than US$23m. The Arbitrator found that the sale was made in mitigation of losses as the ship was valued at some US$7m at the ti… — “After charterers' repudiation of a time charter of a cruise ship, owners later sold the vessel to a third party for more than US$23m. The Arbitrator found that the sale was made in mitigation of losses as the ship was valued at some US$7m at the time the vessel should have been redelivered. Therefore, he disallowed owners' damages. The Supreme Court confirmed the High Court ruling that owners' benefit was not legally caused by the breach of the charterparty. The breach could have been the occasion but not the legal cause for the sale, which remains a commercial decision made at the owners' own risk and the exercise of owners' proprietary right which they enjoy independent of the charterparty.”
Antonino Cordopatri
E. G. Arghyrakis & Co.
28th June 2017

Louise Glover

London Arbitration 18/17

London Arbitration 16/17

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