Moeve Trading SAU v Mael Trading FZ LLC [2026] EWHC 17 (Comm) - King's Bench Division, Commercial Court (Peter MacDonald Eggers KC, sitting as a Deputy Judge of the High Court) - 13 January 2026

Sale of goods - Payment by letter of credit - Whether provision of letter of credit amounted to unconditional or conditional payment - Passing of property - Whether payment conditional on receipt of bills of lading - Sale of Goods Act 1979, sections 28, 32 and 49

On 4 April 2024 the claimant, as seller, and the defendant, as buyer, entered into a Sale Contract for the sale of 9,000 to 9,500 mt of gasoline and 5,000 mt plus 5 per cent of gasoil, both quantities in the buyer's option, for delivery FOB Algeciras, Spain. Under the Sale Contract, the purchase price was calculated to be US$13,031,741.54.