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PAN OCEAN SHIPPING CO. LTD. v. CREDITCORP LTD. (THE “TRIDENT BEAUTY”)

Lloyd's Law Reports

PAN OCEAN SHIPPING CO. LTD. v. CREDITCORP LTD. (THE “TRIDENT BEAUTY”)

[1994] 1 Lloyd's Rep. 365

HOUSE OF LORDS

Before Lord Keith of Kinkel, Lord Goff of Chieveley, Lord Lowry, Lord Slynn of Hadley and Lord Woolf

Charter-party (Time) - Hire - Hire payable in advance - Shipowners assigned freight receivables to bank - Vessel off-hire - Charterers paid hire in advance to bank - Vessel failed to comply with charterers’ orders - Charterers treated charter as repudiated and claimed return of hire payment - Whether advance payment not having been earned repayable - Whether bank could resist claim by showing that after payment they altered their position or acted to their detriment.

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