Cosco’s hopes of overturning a landmark legal ruling that made it liable for $3.6m of charter hire while a panamax bulk carrier was detained by pirates have been sunk.
The Chinese shipping group has been refused leave to take the Saldanha case to appeal so Cosco Bulk Carriers not only faces a hefty daily freight rate but also most of the legal costs run up by both sides under the “winner takes all” practice of the English courts.
The
