Ceto Shipping v Savory Shipping

On the expiry of a long-term bareboat charterparty providing for automatic transfer of title only if all hire, charter sums and management fees had been paid by the precise date of expiry, the owner is under no obligation to transfer title where the conditions were not met at that date, and later payment does not revive the transfer obligation; separately, an owner/manager's decision in good faith and on objectively reasonable grounds not to perform a sub-charter exposing it to sanctions risk is a reasonable exercise of contractual discretion.