6 Sep 2023
Sealand Marine Electronics Sales and Services Ltd. v. M/V Inuksuk I (Ship)
Judgments were issued on August 26, 2021, finding the Owners, Charterers, and others liable for outstanding amounts in two cases. The Plaintiff sought pre-judgment interest at a compounded rate of 2% and requested elevated costs and post-judgment interest. The Defendants disputed the interest rate, citing lack of evidence of agreement, and opposed compound interest. They suggested different rates for pre-judgment and post-judgment interest based on legislation. The Defendants contested the award of elevated costs. The Plaintiff aimed to recover both pre-judgment and post-judgment interest from the judgments.
The court ruled that the pre-judgment interest of 5% simple interest was awarded from 30 days after each invoice date. Post-judgment interest at a rate of 2% simple interest was awarded from the date of judgment in both cases. The Plaintiff was granted costs amounting to $85,000.00, covering fees, disbursements, and taxes.