OCM Maritime Nile LLC & Anor v Courage Shipping Co. & Ors [2022] EWCA Civ 1091 – 29 July 2022 (Underhill LJ, Newey LJ, Males LJ)

Following the Commercial Court’s confirmation that Owners could terminate an amended Barecon 2001 and repossess 2 Vessels (the US having designated Charterers’ beneficial owner as a global terrorist – a C/P “Event of Default”), Charterers appealed the right to repossession and the absence of relief from forfeiture.  The CA confirmed the Court below: (i) a demand for payment was a C/P option not a pre-condition to repossession, and (ii) although the US sanction regime was itself sufficient to exclude relief from forfeiture, Charterers’ misconduct (pre-litigation dishonest dealings with Owners and then misleading the Court) reinforced this conclusion.