ORION SHIPPING AND TRADING LLC V GREAT ASIA MARITIME LTD (THE "LILA LISBON")

[2025] EWCA Civ 1210, Court of Appeal (Civil Division), Lord Justice Phillips, Lord Justice Nugee and Lord Justice Birss, 2 October 2025

Ship sale – Seller's default – Seller failing to give notice of readiness – Buyer terminating agreement – Damages – Loss of bargain – Norwegian Saleform 2012 – Arbitration Act 1996, section 69

The respondent seller Orion Shipping and Trading LLC (then called Orion Shipping and Trading Ltd) had sold to the appellant buyer GAM the Capesize bulk carrier Lila Lisbon pursuant to a memorandum of agreement (MOA) dated 4 June 2021 which was based on an amended Norwegian Saleform 2012.