Shipper Can't End Lease Over Risk Of Losing Insurance
Law360, London (July 10, 2019, 4:44 PM BST) -- A London appeals court ruled Wednesday that a shipowner can't demand the return of a cargo ship lent to a Russian company because the vessel's insurance coverage was threatened when certain registrations expired, saying a lack of insurance didn't allow the owner to terminate the lease.
The Court of Appeal said that a unit of the London-based Silverburn Shipping Co. Ltd. couldn't rip up its contract leasing the vessel to Ark Shipping Co. LLC, a company based in Russia that charters cargo ships.
Silverburn wasn't allowed to terminate the lease agreement early when the ship's class certificate — a document registering how...
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