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In brief: Implications of an Option Agreement in the Shipbuilding Industry (Teekay Tankers Ltd v STX Offshore & Shipbuilding Co Ltd)

In brief: Implications of an Option Agreement in the Shipbuilding Industry (Teekay Tankers Ltd v STX Offshore & Shipbuilding Co Ltd)
Published on: 21 February 2017
Published by: LexisPSL
  • In brief: Implications of an Option Agreement in the Shipbuilding Industry (Teekay Tankers Ltd v STX Offshore & Shipbuilding Co Ltd)
  • Original news
  • What should commercial lawyers take note of?
  • What was this case about?
  • What did the court decide?

Article summary

Commercial analysis: Cecilia Xu Lindsey, barrister at 9 Stone Buildings, considers the case of Teekay Tankers Ltd (a company incorporated in the Marshall Islands) v STX Offshore & Shipbuilding Co Ltd (a company incorporated in the Republic of Korea). The Commercial Court has considered the dispute between the claimant buyer of the new-build vessels and the defendant shipbuilder in relation to an option agreement they entered into. The court decided that the shipbuilder succeeded in its defence that the option agreement was void for uncertainty. or take a trial to read the full analysis.

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