PAN OCEAN SHIPPING CO. LTD. v. CREDITCORP LTD. (THE “TRIDENT BEAUTY”)

[1993] 1 Lloyd's Rep. 443

COURT OF APPEAL

Before Lord Justice Neill, Lord Justice Beldam and Lord Justice Kennedy

Charter-party (Time) - Hire - Hire payable in advance - Shipowners assigned freight receivables to bank - Vessel off-hire - Charterers paid hire in advance to bank - Vessel failed to comply with charterers’ orders - Charterers treated charter as repudiated and claimed return of hire payment - Whether advance payment not having been earned repayable - Whether bank could resist claim by showing that after payment they altered their position or acted to their detriment.