OLAM GLOBAL AGRI PTE LTD V HOLBUD LTD

[2025] EWHC 3187 (Comm), Commercial Court (KBD), The Honourable Mr Justice Trower, 5 December 2025

Contract (sale) – Cargo of corn FOB Ukrainian or Romanian ports in seller's option – Cargo not loaded following port closures upon invasion – Force majeure – Vessel substitution – GAFTA No 49 clause 6 – Arbitration Act 1996, sections 69 and 70

Under a contract dated 19 November 2021, Olam was to sell, and Holbud was to buy a quantity of yellow corn. The contract was for a sale FOB one of five ports in Ukraine or Romania at seller's option. It incorporated GAFTA 49 terms. Delivery was to take place from 1 to 15 March 2022.