Iranian owner IRISL has failed to reclaim a termination fee from Societe Generale (SocGen) after US sanctions forced it to cancel a boxship newbuilding at Hyundai Heavy Industries (HHI).
Peter Macdonald Eggers QC, sitting as a deputy judge of the UK high court, ruled that a claim by German KG 16th Ocean, a subsidiary of IRISL, came too late.
The case dates back to 2005, when IRISL ordered four vessels at the Korean yard, each owned by separate KGs.
