GREAT ASIA MARITIME LIMITED V ORION SHIPPING AND TRADING LLC

[2026] UKSC 23, UK Supreme Court, Lord Briggs, Lord Hamblen, Lord Burrows, Lord Stephens, Lord Doherty, 22 July 2026

Ship sale – Remedies – 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 appellant seller OST had sold to the respondent 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.