Orion Shipping and Trading LLC v Great Asia Maritime Ltd (The Lila Lisbon) [2025] EWCA Civ 1210

Buyers' right to loss of bargain under Saleform 2012

This dispute arose from a sale and purchase transaction documented under the Norwegian Saleform 2012 ("NSF 2012"), a BIMCO standard form widely adopted for second-hand ship sales. The case concerned the scope of a sellers' default clause, particularly whether it entitled the buyer to recover "loss of bargain" damages, ie the difference in market value, upon cancellation, where the seller's default was negligent but not repudiatory.