LAW QUOTES

OIL CRISIS 1973

Three months ago a big oil tanker was launched in Japan. She was named Diana Prosperity. The name was not well chosen: Prosperity is not her future. She is now nearly completed and ready to be delivered, but no one wants her. There is no work for oil tankers to do. She will be laid up somewhere or other, eating her head off. Someone or other will lose hire. Someone or other will have to pay large sums for laying her up. The loss runs into £11 million, losses on other tankers newly built.

Per Lord Denning MR, in Reardon Smith Line v Hansen Tangen (The Diana Prosperity)[1976] 2 Lloyd’s Rep. 60