US Sanctions-Hit Shippers Lose Appeal Over Seized Vessels

By Ronan Barnard (August 1, 2022, 7:40 PM BST) -- Two asset manager-backed shipowners have defeated a challenge from three shipping companies in the appellate court to their bid to end a charter agreement after the owner was sanctioned by the U.S. for allegedly supporting terrorism.

The Court of Appeal sided with the shipowners — which are subsidiaries of California-based Oaktree Capital Management LP — against the shippers on Friday over the repossession of two ships, after they allegedly defaulted under a charter-party agreement.

The U.S. designated the owner of the three shipping companies, Abdul Jalil Mallah, a terrorist in June 2021, causing a default event under the bareboat charter-party agreements...

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