CREDIT SUISSE AG v Owner of the vessel(s) CHLOE V (IMO No. 9457452)

[2025] SGHC 142 High Court (General Division) 28 July 2025 • HC/ADM 102/2021 • 94 min read
24 cases cited (6 SG, 18 foreign) Cited by 1 case

Catchwords

Contract — Contractual terms — Implied terms — Braganza duty Contract — Contractual terms — Implied terms — Restraints on the exercise of a contractual discretion Contract — Contractual terms — Implied terms — Mortgagee’s duty to not interfere with contractual performance by mortgagor Contract — Contractual terms — Contractual discretion — Whether clause requiring mortgagee bank’s approval of charterparty subject to a contractual discretion Contract — Contractual terms — Contractual discretion — Whether mortgagee bank in breach of duty in refusing to issue any letter of quiet enjoyment in favour of charterer Contract — Contractual terms — Contractual discretion — Whether mortgagee bank exercised discretion reasonably in refusing to issue letter of quiet enjoyment in favour of charterer

Practice Areas

Contract

Judges (1)

S Mohan Delivered

Counsel (8)

Allen & Gledhill LLP Firm Haridass Ho & Partners Firm Liang Junhong Daniel Counsel Plaintiff Lieu Kuok Poh Counsel Defendant Shantini d/o Jeyathasan Krishnan Counsel Defendant Song Swee Lian Corina Counsel Plaintiff Tan Boon Yong Thomas Counsel Defendant Thomas Benjamin Lawrence Counsel Plaintiff

Parties (3)

Koch Shipping Pte Ltd Third Party Owner of the vessel(s) CHLOE V Defendant UBS AG Plaintiff

Case Significance

[2025] SGHC 142 is a High Court (General Division) decision dated 28 July 2025 concerning Contract, specifically addressing contractual terms. The judgment was delivered by S Mohan. The case was brought by UBS AG (plaintiff) against Owner of the vessel(s) CHLOE V (defendant). Legal representation was provided by Allen & Gledhill LLP and Haridass Ho & Partners. The judgment cites 24 cases (6 Singapore, 18 foreign).

Summary

A shipowner counterclaimed against its mortgagee bank UBS AG (now Credit Suisse) for allegedly unreasonably refusing to issue a letter of quiet enjoyment to a prospective charterer, resulting in the loss of the charterparty and eventual arrest and judicial sale of the vessel. The court dismissed the counterclaim, finding that no Braganza duty or implied term arose requiring the bank to issue such a letter, and that the bank's refusal was not irrational or arbitrary.

What was decided in [2025] SGHC 142?

[2025] SGHC 142 (CREDIT SUISSE AG v Owner of the vessel(s) CHLOE V (IMO No. 9457452)) is a High Court (General Division) decision from 28 July 2025 addressing Contract, specifically contractual terms. The judgment was delivered by S Mohan.

Who were the parties in CREDIT SUISSE AG v Owner of the vessel(s) CHLOE V (IMO No. 9457452)?

The plaintiff in [2025] SGHC 142 was UBS AG, and the defendant was Owner of the vessel(s) CHLOE V. Legal representation included Allen & Gledhill LLP and Haridass Ho & Partners. The case was decided on 28 July 2025 in the High Court (General Division).

Which judge decided [2025] SGHC 142?

[2025] SGHC 142 was delivered by S Mohan in the High Court (General Division) on 28 July 2025. The case concerned Contract.

What cases and statutes does [2025] SGHC 142 cite?

[2025] SGHC 142 cites 24 prior decisions, including 18 from foreign jurisdictions.

Cases Cited (24)

SLR (6)
[1998] 3 SLR(R) 101 [2000] 2 SLR(R) 967 [2005] 1 SLR(R) 733 [2008] 4 SLR(R) 543 [2019] 3 SLR 1189 [2023] 2 SLR 235
UK (18)
[1948] 1 KB 223 [1978] 1 WLR 1520 [1999] 1 WLR 1293 [2002] 1 WLR 685 [2004] EWCA Civ 1287 [2005] EWCA Civ 1300 [2008] EWCA Civ 116 [2009] 3 All ER 539 [2011] 1 WLR 2900 [2012] EWHC 2044 [2013] EWCA Civ 200 [2014] 4 All ER 907 [2015] 1 WLR 1661 [2017] 1 WLR 3765 [2017] EWHC 1252 [2017] EWHC 2133 [2017] EWHC 2995 [2023] 3 All ER 580

Cited By (1)

[2026] SGCA 7
Owner of the vessel(s) CHLOE V (IMO No. 9457452) v UBS AG

Judgment

Read the full judgment on the official Singapore Courts portal.

Read on eLitigation

Source: eLitigation ([2025] SGHC 142)