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Shipping Financial Services Corp. v. Drakos

140 F.3d 129 (1998)

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Shipping Financial Services Corp. v. Drakos

United States Court of Appeals for the Second Circuit
140 F.3d 129 (1998)

AR

Facts

William Drakos (defendant) chartered a vessel for use in the oil business. Drakos then asked Shipping Financial Services Corp. (Shipping) (plaintiff) to find a subcharter agreement for the vessel for the remaining years the vessel had on the original charter. Drakos authorized Shipping to contact OMI Petrolink Corporation (OMI) for a subcharter agreement. OMI received information from Shipping about the vessel and refused the subcharter. OMI then entered into a subcharter agreement with Drakos on its own, cutting out Shipping and costing Shipping its commission. Shipping sued in federal court, arguing that its suit could be brought in federal court based on admiralty jurisdiction. The lower court dismissed the claim, and Shipping appealed.

Rule of Law

Issue

Holding and Reasoning (Cardamone, J.)

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Casebooks

Admiralty

Key Terms