Court Rules NGM Cannot Deny Validity of Montanari Gas Ship Charters
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. Group. Vela claims to have bought 51 per cent of the shares in Arctic…
Montanari Charters Given Further Boost
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.
