OCM Maritime Nile LLC and Another v Courage Shipping Co Ltd and Others [2022] EWHC 452 (Comm) (Sir Andrew Smith, sitting as a Deputy Judge of the High Court) – 4 March 2022

Bareboat charterparty – Event of Default – Owners repossessing vessel – Whether owners were required to serve notice of default before repossessing vessel – Whether loss of charterers’ right to purchase vessel following Event of Default was a penalty – Relief from forfeiture

OCMN owned the bulk carrier Courage and OCMK owned the bulk carrier Amethyst. These were single-purpose companies owned by Oaktree. By a bareboat charterparty dated 5 November 2019 OCMN chartered Courage to CSC, and by a bareboat charterparty dated 18 February 2021, OCMK chartered Amethyst to AVC. Oryx, which controlled CSC and AVC, was appointed as approved manager.