VITOL SA v CONOIL PLC

[2009] Lloyd's Rep Plus 74

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Teare

Sale of goods - Agreements for sale of gasoil to be delivered by ship-to-ship transfer - Buyer failing to take up cargo - Whether binding contract concluded - Whether provision of letter of credit condition precedent to enforceability of contract - Damages - Whether "Delay Penalty Clause" enforceable by seller - Whether existence of demurrage provision disabled seller from recovering damages for buyer's failure to lift cargo on time - Whether seller entitled to damages for storing cargo not taken up.