Facts:

The appellant is a Panamanian registered shipping company whereas the 1st respondent is a motor vessel and oil tanker registered under Panamanian flag. The 2nd and 3rd respondent, a Panamanian Corporations are the registered owners of the 1st respondent. The 3rd respondent however is a resident of Lugano, Switzerland and carries on business of ship management in the company known as Gernarfin S. A., the 5th respondent in this suit. The 4th respondent, who resides at Genoa, Italy, also carries on business of ship management with the 3rd respondent in the 5th respondent Company. The 5th respondent is a Swiss Corporation established, owned and managed by the 3rd and 4th respondent as a ship management company and the despondent owners and managers of the 1st respondent vessel.

The appellant appointed the 3rd respondent as a special agent and attorney for purposes of negotiating and concluding the purchase of the “MT CINDY GAIA”- 1st respondent vessel then known as “SECTO GAJAH MADA”. The 3rd respondent was given a Power of Attorney which empowered him to execute all relevant documents, including the memorandum of agreement and to register the vessel in Panama. However, while the loan for the purchase of the vessel was still available, the 3rd respondent wrongly informed the lenders that the plaintiff was no longer interested in the purchase of the 1st respondent.