Commercial Court interprets the meaning of “approved” by oil majors

Por Ted Graham y Philippa Langton

“There are few reported English decisions relating to oil major approvals. Oil majors operate a system of vetting and approvals to ensure that the vessels they use or trade or buy cargoes from are of satisfactory quality. Owners and operators of tankers seek and collect as many written approvals as possible from top name oil majors, which are often required by charterers. Given the importance of such approvals in tanker charter parties for the purposes of trading a tanker profitably, the observations of the Judge in this case on the meaning of “approved” as provided for in the charter party are worth noting.”

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Términos mencionados en esta doctrina: approvals.