Factual Background
On 14 September 2014, Emphor FZCO (“Emphor”) signs a shipbuilding contract (“Shipbuilding Contract”) with Guangdong Yuexin Ocean Engineering Co., Ltd. (“Yuexin”) for the purchase of a 60.6 meters anchor handling tug supply vessel. They agree that Yuexin should fulfil its delivery obligations on or before March 3, 2016 and that if Yuexin fails to fulfill its delivery obligations due to the force majeure, Emphor can terminate the contract after an excessively delayed delivery of over 210 calendar days. As a consequence, Yuexin should refund all payment for bookings and pay the interests at an annual rate of 6%.
On December 3, 2013, their Contract comes into effect.
On October 10, 2016, as Yuexin fails to fulfil its delivery obligations, Emphor notifies Yuexin that Emphor is going to terminate the contract. Moreover, Emphor also requests Yuexin to refund US$ 2,780,000 that Emphor has prepaid for the vessel and the interests to Emphor.
Continue reading “Recognition and Enforcement of Foreign Arbitral Award: Maritime Court of China Recognized and Enforced a Singaporean Award which Awarded Interest that the Party Did Not Claim – #47”