As noted in our June 2024 Legalseas "What is a "ship?" article, the
summary of the "WORLD DREAM" Singapore High
Court's judgments is summarised below.
The "WORLD DREAM" was a large cruise ship
with a capacity for 5,000 passengers. She had a variety of
facilities on board for the entertainment of her passengers,
including spas and swimming pools. Her construction and acquisition
were financed by a syndicated term loan. Following various events
of default under the facility agreement, the mortgagee bank
commenced action in the Singapore High Court and arrested the
"WORLD DREAM". The "WORLD
DREAM" was subsequently sold and the sale proceeds were
paid into Court.
The defendant owners sought to assert a claim against part of
the sale proceeds on the basis that there was "gaming
equipment" on board the "WORLD DREAM", such
as slot machines, casino tables and smaller paraphernalia, that had
been sold along with the vessel, but which did not form part of the
mortgage.
