Montanari Charters Given Further Boost

Tuesday, February 19, 2002
Following the granting of injunctions last week 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 formerly managed by NGM, the owners of the tankers and their charterers, Montanari, have won a further important ruling in the English high court. In a contested application between owners and NGM, the court said that the owners had made out a reasonable case that the Montanari charters had been concluded. Although this was not a full trial of the issue, owners and Montanari see this as lending further weight to their continuing ability to trade the vessels successfully on the market. The court also ruled that NGM could exercise its right of freedom of speech to make its own contentions, but owners are confident that, since both Montanari and owners are satisfied that a contract between them exists, the market will not pay too much attention to what NGM might have to say on the subject. Although NGM continued to assert that its management contracts had not been validly terminated, its assertion did not prevent the judge from giving his preliminary ruling on the existence of the bareboat charters. It is understood that those charters have now been converted into long-term time charters, and that the vessels will be delivered to Montanari in the near future.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


New Chair for Townsville Port

The Palaszczuk Government has appointed one of Queensland’s most respected businesswomen, Renita Garard as the new Chair of the Port of Townsville. In a statement released earlier today,

New Jersey Transportation Chief to Resign

New Jersey Governor Chris Christie on Friday said his transportation commissioner Jamie Fox would step down by the end of the month to return to the private sector after only a year in the position.

Eletrobras says Compensation for Hydro Plants Could be $330 mln

Brazil's state-run utility Eletrobras said on Friday a report into six hydroelectric plants found the assets had a remaining value of 1.3 billion reais ($332

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators
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: 0.1791 sec (6 req/sec)