DS-Rendite-Fonds Nr.106 VLCC Titan Glory GmbH & Co.
Tankschiff KG and others v. Titan Maritime S.A. and others
[2013] EWHC 3492
In this recent decision, the English Court repeated the
principles that it will apply when asked to construe commercial
contracts. The decision also serves as a rare example of an
instance in which the test for rectification of a contract was
met.
The background facts
Following the collapse of the market at the end of 2008 and
beginning of 2009, the Charterers of a fleet of eight VLCCs found
themselves in financial difficulty and fell behind on their hire
payments. Following discussions with the Owners, the parties
eventually signed a Charter Restructuring Agreement
("CRA") in March 2010. Unfortunately, in January 2011 the
parties fell into a dispute over the meaning and effect of certain
clauses of the CRA, which then became the subject of
litigation.
