After OW Bunker’s insolvency, Owners were faced with the risk of having to pay twice for the same bunkers – once to OW Bunkers / ING who had a contractual claim, and once to physical suppliers who arrested the supplied ships on the basis of statutory rights. In many jurisdictions, courts were tasked to decide…
Khorfakkan Federal Appeal Court’s ruling supports local bunker suppliers’ position and rejects ING’s claims: By way of background, subsequent to the liquidation of OW Bunker Middle East DMCC (“OWBME”), Shipowners found themselves in the unenviable position that they were subject to double demand for payment by way of demands from both physical suppliers (“PS”) and…
The Gulf widens between the Enforcement of Foreign Judgments and Foreign Arbitral Awards in the DIFC as a result of a recent ruling of the Dubai International Financial Centre Courts (“DIFC”) Court of First Instance (“CFI”) (CFI 043/2014 – DNB Bank ASA v. (1) Gulf Eyadah Corporation (2) Gulf Navigation Holding PJSC (“Eyadah”), ruling of…