In this case Stephen succeeded in setting aside an injunction obtained ex parte by Stellar Shipping restraining Cosco from selling a 79,000 dwt bulk carrier to a party other than Stellar Shipping. Stellar Shipping and Cosco had entered into a shipbuilding contract for the construction of the ship with a sale price of US$49.8 million payable in five instalments. Cosco cancelled the contract and Stellar Shipping contended that the cancellation was non-contractual and invalid on the basis that there had been certain extensions of time for the payment of instalments that would otherwise have become due. The ship was ready for delivery and Stellar Shipping wanted to prevent Cosco from selling her to a third party. Mr Justice Steel set aside the injunction.
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