JUDGMENT

Chan Sek Keong J

At the conclusion of the hearing of the application by the plaintiffs for the continuation of a Mareva injunction obtained by them against the first defendant ('CNEA') and an application by the interveners to vary the terms of the injunction, I varied the injunction in terms of the interveners' application and, after reserving judgment for a short period, I discharged it altogether. The plaintiffs have appealed against both decisions. I now give my reasons.

On 5 November 1987, the plaintiffs issued an admiralty in personam writ against CNEA indorsed with a claim for: (1) damages for breach of charterparty; (2) loss and damage to the plaintiffs' cargo which was laden on board CNEA's vessel 'Salamis' during the voyage from Qinhuangdao and Hsinkang to Avonmouth and Liverpool between July and November 1986 sustained by reason of CNEA's breach of contract or duty or negligence in or about the carriage thereof; and (3) an account of extra freight and/or profits earned by CNEA in chartering out the plaintiffs' space on the said vessel.

On 23 November 1987, the plaintiffs obtained the injunction ex parte restraining CNEA until trial or further order, firstly, from rem