Can Europe’s New e-Fuel Strategy for Maritime Help Solve The Fuel Availability Conundrum?

In the recently reported case of Oceanus Capital Sarl v Lloyd’s Insurance Company S.A. (the m/v “Vyssos”) [2025] EWHC 3293 (Comm), the English court has, for the first time, considered the wording of a mortgagee’s interest insurance (“MII”) policy on the Institute Mortgagees’ Interest Clauses – Hulls (1/3/97 CL337-1997) (“IMIC 1997”) wording, which is the standard wording published by the International Underwriting Association¹ for use in the London insurance market.

In its judgment, the court provided some helpful insights into the nature and scope of MII cover, for an MII claim that arose from the loss of the mortgaged ship after being struck by a mine in Ukraine.

The mortgagee knew the ship was trading to Ukraine but had not taken steps to prevent the voyage, relying instead on a cover note for additional war risks that the mortgagee only discovered to be a forgery after the loss. In this article, we consider the decision and its implications for ship financiers.

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Published by Watson Farley & Williams.

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