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

On 12 January 2018, pursuant to a proposal from Mr Lam of Berwin Leighton Paisner (Owners’ lawyers), there was a conference call between DVB, Owners, Charterers and Guarantors. Mr Lam’s note summarising the call recorded that there was a broad agreement as to the proposed restructuring. The draft term sheet was being reviewed by Charterers.

At this point, the parties appeared to focus for a period on the drydocking of the Vessels and on Minsheng’s possible purchase of DVB’s position in respect of the Vessels.

Around the end of February 2018 Mr Blaauwendraad of DVB and Charterers explained to Liu Wei of Owners that DVB might be willing to settle its position with Owners at a discount, since it was considering leaving the offshore market.

On 23 August 2018 DVB entered into a settlement agreement with MT Kailash, the effect of which was to reassign the Kailash Charterparty and Guarantee to MT Kailash. On 30 April 2019 DVB entered into a settlement agreement with OCSL the effect of which was to reassign the Ben Nevis Charterparty and Guarantee to OCSL.