Read the full judgment text of HCA 002177/1988 on BabelCite. This High Court CFI judgment.
1. In June 1982, Chartwell Shipping Co. S.A. negotiated for the purchase of a Panamanian registered vessel "Hunter" at the price of about US$2.5M. A valuation report had previously been obtained. The market value given was US$3.45M as at the 2nd June 1982. For financing the purchase, under a Loan Agreement dated the 25th June 1982, a secured floating rate loan of US$2,182,500 was granted by the plaintiff to Chartwell Shipping Co. S.A. which I shall call "the Borrower", with the defendant and one