A landmark appeal-court ruling in favour of the charterers over the loss of the 171,000-dwt bulker Ocean Victory (built 2005) at the Kashima terminal in Japan is to be challenged by insurer Gard in the UK Supreme Court, according to TradeWinds sources.
The litigation is being closely watched as a key case setting a legal precedent for what can be considered a “safe port” and the right of owners to pass down financial liability for a constructive total loss (CTL) along the chain of demise charterers.
