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INTA Navigation -v- Ranch Investments

5th Jun 2009

[2010] 1 Lloyd’s Rep. 74

James Drake represented a substantial Hong Kong shipping concern which was the “middleman” in a contractual string between Turkish sellers and Greek buyers of a crude oil tanker. LMAA arbitration proceedings followed by s69 challenge to the Commercial Court.

Sale of ship — Right of first refusal — MOA on Norwegian Sale Form terms — Buyers agreeing to purchase newbuilding vessel with right of first refusal to purchase second newbuilding vessel — Sellers giving notice to buyers of sale of second newbuilding to third party on “novation terms” — Buyers exercising right of first refusal — Whether resulting contract on Norwegian Sale Form terms or on novation terms.

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