MOEVE TRADING SAU (FORMERLY CEPSA TRADING SAU) V MAEL TRADING FZ LLC

[2026] EWHC 17 (Comm), King's Bench Division, Commercial Court, Deputy Judge Peter MacDonald Eggers KC ,13 January 2026

Sale of goods – Sale of goods FOB – Goods loaded on board by seller, shipped and discharged to other parties – Buyer to pay by letter of credit – Letter of credit issued and confirmed – No presentation made by seller – Seller suing buyer for purchase price – Whether letter of credit conditional or absolute payment for cargo – Sale of Goods Act 1979, section 49(1)

By a sale contract dated 4 April 2024 the claimant Moeve had sold quantities of gasoil and gasoline to the defendant, Mael. The goods were to be delivered FOB Algeciras in Spain for shipment to Freetown in Sierra Leone.