POLA LOGISTICS LTD V GTLK EUROPE DESIGNATED ACTIVITY COMPANY AND OTHERS

[2022] IEHC 501, High Court, Ireland, Mr Justice Mark Sanfey, 25 August 2022

Charterparty (demise) – Bareboat charter in nature of hire purchase agreement – Registered owner subject to sanctions – Charterer seeking specific performance in respect of vessels – Council Regulation (EU) No 269/2014 ("EU Sanctions Regulation")

By an application on 16 August 2022 the plaintiff Pola Logistics sought specific performance against the second defendant, GTLK Malta, of purchase options contained in a number of charters in relation to five seagoing vessels. The vessels were tug-boats and barges leased to the plaintiff by GTLK Malta, which was a special purpose vehicle wholly owned subsidiary of the first defendant GTLK Europe, an Irish registered company. The ultimate owner of the group of companies was the Ministry of Transport of the Russian Federation.