OCM Maritime Nile LLC & Anor v Courage Shipping Co Ltd & Ors [2022] EWHC 452 – 04 March 2022(Jacobs J)

The Claimant Owners of 2 demise (Barecon 2001) chartered vessels notified “Events of Default and Termination” when the individual beneficially owning the Defendant charterers was declared by the U.S. a “Special Designated Global Terrorist”. The Court dismissed Charterers’ challenge to Owners’ rights to termination and repossession, finding that (i) under the C/Ps neither step required further notices, both were justified (ii) a thwarted purchase option did not constitute an unenforceable “penalty” and (iii) whilst equitable relief from forfeiture might apply to a demise with purchase option, it was inappropriate here due to Charterers’ misconduct (including misleading the Court).