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Shanghai Shipyard Co Ltd v Reignwood International Investment (Group) Company Limited [2021] EWCA CIV 1147

On 23 July 2021 , the Court of Appeal (Sir Geoffrey Vos, Lord Justice Baker and Lord Justice Popplewell) handed down a unanimous judgment in an appeal by Shanghai Shipyard Co Ltd (Shanghai Shipyard) to a first instance decision by Knowles J. The first instance decision followed a preliminary issues trial concerning the proper characterisation of a shipbuilding performance guarantee issued by the parent company of the buyer, Reignwood International Investment (Group) Company Limited (Reignwood). The performance guarantee in this case was for the final instalment under the shipbuilding contract of US$170M, which the buyer failed to pay.

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