Court Rules NGM Cannot Deny Validity of Montanari Gas Ship Charters

Friday, February 08, 2002
The English and Isle of Man courts granted injunctions against Navigator Gas Management (NGM) and Vela Energy Holdings Ltd in a dispute over the proposed long-term chartering of five gas tankers in the Navigator Gas Transport (NGT) fleet managed by NGM. The English injunction forbids NGM from taking any action which amounts to a denial of the existence of the Montanari charters and from suggesting to any third parties that the charters are ineffective. This follows claims made by NGM in the trade press and in brokers' reports that the Montanari charters, concluded on November 30 last year, are invalid. The wrangle over the charters can be seen against the wider background of Vela's involvement in an ongoing dispute over ownership of shares in Arctic Gas Holding SA of Luxembourg, the ultimate parent company of the Navigator Group. Vela claims to have bought 51 per cent of the shares in Arctic, but the sellers of the shares maintain that Vela has failed to meet the conditions of sale and is therefore not entitled to retain the shares it has bought. Vela representatives control the boards of NGM and Navigator Holdings, the sole shareholders of NGT. The boards of NGT and of the five companies who own the vessels which make up the NGT fleet are still controlled by the original shareholders who are in dispute with Vela over the sale of their shares.

Vela recently took action in the courts of the Isle of Man to prevent the sellers of the shares displacing Vela-nominated directors. But yesterday, in a mirror-image action, a magistrate in the Isle of Man granted an injunction prohibiting the Vela interests from taking any action to try to remove the representatives of the sellers of the shares from the boards of NGT and the shipowning companies. Michael Lax, a partner in London law firm Lawrence Graham, which represents the sellers of the shares, welcomed the latest London and Isle of Man court decisions, claiming, "The fight will continue, but this round has been won by the sellers and the owners of the ships."

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Environmental

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.

When Will Deep Sea Mining Commence? The Robot is Ready

The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0921 sec (11 req/sec)