{"id":74882,"date":"2023-08-13T21:08:54","date_gmt":"2023-08-13T20:08:54","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=74882"},"modified":"2023-08-13T21:08:54","modified_gmt":"2023-08-13T20:08:54","slug":"failure-to-honour-terms-of-settlement-singaporean-shipping-company-slams-261-5-million-u-s-dollars-suit-on-two-shipping-companies","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/failure-to-honour-terms-of-settlement-singaporean-shipping-company-slams-261-5-million-u-s-dollars-suit-on-two-shipping-companies\/","title":{"rendered":"Failure To Honour Terms Of Settlement: Singaporean Shipping Company Slams $261.5 million U S Dollars Suit On Two Shipping Companies"},"content":{"rendered":"
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A Singaporean\u00a0 Private\u00a0 Limited liability company PRIME ROYAL SHIPPING PTE LIMITED\u00a0 \u00a0 having its registered office situate at No. 8 Jalan Pisang Singapore (199075) and currently at 04-19, UBI Tech Park, 10 Ubi Crescent, Singapore 408564\u00a0 engage in the business of Ship ownership, Management, Chartering and allied services, has slammed $261,500,000 million U S Dollars suit on two limited liability companies,<\/div>\n
\u00a0 \u00a0 A Nigerian company EURO-WAF\u00a0 SHIPPING LINE Limited having its registered office situate at 50\/52 Broad street Lagos engaged in the business of Ship Charterer\/hirers, Management and ancillary services and AURUM SHIP MANAGEMENT FZE a company registered in accordance with the provisions of the United Arab Emirate(UAE) having its office situate at Executive Suite L1,SAIF ZONE,Sharjah carrying on the business of Ship, Chartering Management brokers and Shipping<\/div>\n
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Also joined as co-defendant in the suit is an ocean going\u00a0 Motor Tanker M. T.RISING SUN registered at Port of Avatiu,Cook Island and presently trading within the territorial waters of Nigeria.<\/div>\n
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The current legal hostility was as a result of failure of the defendants to honour terms of settlement adopted and made as consent judgement of the court.<\/div>\n
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The 1st Defendant M.T. RISING SUN is the subject matter of this suit\u00a0 an Ocean going Motor Tanker.<\/div>\n
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In a statement of claim filed before a federal high court sitting in Lagos south west Nigeria by a Lagos Attorney, Barrister Nelson Otaji,the plaintiff<\/div>\n
\u00a0states that it’s the Registered owner of the good and staunch vessel the first Defendant known as “Rising Sun” (Ex-Prime Royal) and entered into a charter contract with the Aurum Ship Management PZE company.<\/div>\n
<\/div>\n
Prime Royal Shipping PTE Limited states that\u00a0 Euro-Waf Shipping line Limited and Aurum Ship Management PZE jointly as sub charterers and charterers had defaulted refused and neglected to pay the outstanding hire rates that was due owed and payable to the Plaintiff, Prime Royal shipping PTE commencing from 8th April, 2018 until the Plaintiff filed\u00a0 Suit No: FHC\/L\/CS\/1649\/2020.<\/div>\n
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However, the parties reached a compromise in the said suit and filed<\/div>\n
Terms of Settlement, that was adopted and made judgment of the\u00a0 Court on 29th June, 2021.<\/div>\n
<\/div>\n
The material particulars of the said Consent Judgment that are relevant to this proceedings and relied on are; Clauses 5-30. Particularly, Clauses 9, 10, 11(v), 13, 14, which combined provisions states that Euro-Waf Shipping Line Ltd\u00a0 shall be responsible for payments to the Plaintiff and the Mortgagee (Exim Bank of Indonesia) from the Proceeds of the hire of MT. Rising Sun but had failed and<\/div>\n
defaulted to fulfill this obligation owed to the Plaintiff and other parties.<\/div>\n
<\/div>\n
With regards to Clause 9, it provides thus: “Hire; Charter rate per day shall be USD10,500 per day, the initial 12 months and thereafter USD11,500 per day till end of the entire period between Aurum Ship Management FZE and Prime Royal Shipping Pte Ltd as well as Euro-WAF shipping Line Ltd respectively”.<\/div>\n
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From the foregoing provisions its evident that the Euro-Waf Shipping line Limited as Hirer is liable to pay the hire rate on daily basis to the Plaintiff from the Proceeds of hire and the sum payable as computed in accordance with the Consent Judgment.<\/div>\n
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Pursuant to the outlined payment structure of the Consent Judgment, the said Euro-Waf had not been consistent in fulfilling its obligation to the Plaintiff and the Mortgagee (Exim Bank of Indonesia) and had not made payment as and when due.<\/div>\n<\/div>\n
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The Plaintiff states that it had in time past through its solicitors Barrister Nelson Otaji demanded the payment of the Judgment sum premised on the daily hire rate from the Euro-Waf Shipping line Limited but to no avail.<\/div>\n
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The Plaintiff states that the Euro-Waf Shipping line Limited and Aurum Ship Management PZE contractual rights had been determined and more particularly on the grounds of the Euro-Waf Shipping line failure and default to fulfill the obligation to diligently pay the Plaintiff the daily hire rate computed less set-off on monthly basis, which breach is a fundamental infringement of the terms and conditions of the said Consent Judgment.<\/div>\n
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The Plaintiff states that the Euro-Waf Shipping line Limited\u00a0 act and conduct of refusal to pay the instalment sums due to the Plaintiff and the Mortgagee (Exim Bank of Indonesia) forfeiture assiduously of the Plaintiff had caused untold hardship, loss of income and forfeiture of the plaintiff other collateral assets thus\u00a0 the plaintiff has suffered damages.<\/div>\n
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Consequently,the Plaintiff claim against the Euro-Waf Shipping line Limited company and\u00a0 \u00a0Aurum Ship Management PZE jointly and severally are as follows.<\/div>\n
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A perpetual injunction to restrain the Euro-Waf Shipping line Limited and Aurum Ship Management PZE, their servants, agents and privies from claiming ownership chartering and or deploy the use of the vessel Mt. Rising Sun (Ex-Prime Royal) within the territorial waters of Nigeria.<\/div>\n
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The continuous computation of the daily hire rates of $11,500U USD (Eleven Thousand Five Hundred US Dollars) from 22nd of November, 2022 that is due from Euro-Waf Shipping line\u00a0 and owed to Prime Royal Shipping PTE Limited till the determination of this suit. Consequently, interest thereon at the rate of 20% per month pursuant to section 2(3)(u) Admiralty Jurisdiction Act LFN 2004, the judgment sum till liquidation.<\/div>\n
<\/div>\n
\u00a0A declaration\u00a0 that Euro-Waf Shipping line Limited\u00a0 breach of the terms consent judgement,on instalment payment to the plaintiff and\u00a0 the Mortgagee (Exim Bank of Indonesia) had caused forfeiture of the Plaintiff’s other collateral assets and the Defendants are preclude to enter any further agreement with the Plaintiffs to hire\/charter the vessel Mt. Rising Sun in Equity Law but liable to punitive damages in the sum of $200,000,000USD (Two Hundred Million US Dollars).<\/div>\n<\/div>\n
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\u00a0 \u00a0 General damages in the sum of $50million US Dollars.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/p>
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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

A Singaporean\u00a0 Private\u00a0 Limited liability company PRIME ROYAL SHIPPING PTE LIMITED\u00a0 \u00a0 having its registered office situate at No. 8 Jalan Pisang Singapore (199075) and currently at 04-19, UBI Tech Park, 10 Ubi Crescent, Singapore 408564\u00a0 engage in the business of Ship ownership, Management, Chartering and allied services, has slammed $261,500,000 million U S Dollars suit on two limited liability companies,<\/p>\n","protected":false},"author":6,"featured_media":45015,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[10451],"coauthors":[2391],"class_list":["post-74882","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-prime-royal-shipping-pte-limited"],"yoast_head":"\nFailure To Honour Terms Of Settlement: Singaporean Shipping Company Slams $261.5 million U S Dollars Suit On Two Shipping Companies - 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