Case Nos: CL-2023-000206 and CL-2023-000207 - [2025] EWHC 1591 (Comm)

Subject to issues of liability, which I have addressed above, there is no dispute as to the following amounts payable by Charterers under the Charterparties:

I have resolved that the amount owing in respect of Ben Nevis maintenance costs was US$445,565.52, and that in respect of arrest expenses was US$532,788.34.

Though it is common ground between the parties that the Owners are required to give credit to the Charterers for the market value of the Vessels, there is a significant difference between the parties’ assessments of those values. In the case of Ben Nevis, Owners contend that her fair market value on the date of repossession (taken as 29 January 2021) was US$7 million. Charterers contend that it was a value of at least US$ 22 million. Owners’ figure is based on the expert evidence of Mr Sean Bate, which was not challenged. It appears to me that it is the best evidence of the amount of the relevant credit.

In the case of the Kailash, there is no dispute, subject to issues of liability already addressed, as to:

I have already found that the amount of the Arrest Expenses which Owners can claim from Charterers is US$ 112,638.60.

In relation to the credit for the value of the Kailash, Owners contend for a value of US$ 2,500,000 and Charterers for a value of US$ 7,500,000. Owners’ figure is supported by Mr Bate’s evidence, which I accept is the most reliable indication of the value of the relevant credit.

The Charterparties provide for contractual interest at the rate of LIBOR plus 8%.