The English High Court has told Malaysian steel maker Lion Diversified Holdings it cannot declare force majeure to evade its liability to George Economou-controlled shipowner Classic Maritime for failing to perform on a series of capesize voyages in a contract of affreightment.
But in a complicated 17,500-word ruling last week, the court also disappointed Monaco-based Classic Maritime by ruling it cannot recover substantial damages on the three highest-priced voyages, worth $20m.
