Trafigura Maritime Logistics PTE Ltd v Clearlake Shipping PTE Ltd [2020]
Trafigura Maritime Logistics PTE Ltd v Clearlake Shipping PTE Ltd [2020] EWHC 726 — 26 March 2020 (The Honourable Mr Henshaw J)
“Following arrest of their Vessel at Singapore on 12 March, in relation to a cargo mis-delivery claim, head owners demanded that time charterers place the security; the Claimant time charterers (alleging that in the interim they had 'lost out on a fixture) now sought an urgent injunction compelling the Defendant voyage charterers to provide the security to obtain the release of the Vessel. The Commercial Court on 26 March granted the injunction, dismissing the Defendants' argument that the loss of the fixture opportunity nullified the urgency, acknowledging instead the volatility of the market for large crude carriers and recognising the pressing need for the provision of security to obtain release of the Vessel.”
Angeliki Georgouli
E. G. Arghyrakis & Co.
01st April 2020