Abstract: The dispute between Panama and Italy regarding the seizure and detention of the M/V "Norstar" has led to the first preliminary objections proceeding brought before the ITLOS as well as to the invocation of the Monetary Golddoctrine, namely in relation to Spain. Besides the emphasis on the application of this doctrine with regard to Spain before international courts and tribunals, the study will touch on several other issues raised by the M/V "Norstar"case that are in close relation with the subject-matter of the dispute over the detention of the M/VLouisaand more prominent ITLOS's statements in the M/V "Louisa"(San Vincent and the Granadines v, Kingdom of Spain) case.

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