Transpetrol Maritime Services Ltd. v. SJB Marine Energy (The “Rowan”) – QBD (Comm. Ct.), 18 Feb 2011

CHARTERPARTY BREACH -- OIL COMPANIES APPROVALS CLAUSE -- CLASS CONDITION IMPOSITION -- Charterer Award At the time of the fixture, Owner alleged that the Vessel was approved by five oil majors. Thus, when Charterer’s buyer rejected the Vessel due to a sea-chest valve needing repairs as imposed by the Class survey, a sale was lost with Charterer incurring substantial damages. In deciding whether the Owner breached the Oil Companies Approval Clause, the Court clarified the meaning of the acronym "TBOOK" and the word "approved".