VITOL SA v CONOIL PLC

[2009] 2 Lloyd's Rep. 466

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Teare

Sale of goods — Agreements for sale of gasoil to be delivered by ship-to-ship transfer — Buyer failing to take up cargo — Whether binding contract concluded — Whether provision of letter of credit condition precedent to enforceability of contract — Damages — Whether “Delay Penalty Clause” enforceable by seller — Whether existence of demurrage provision disabled seller from recovering damages for buyer’s failure to lift cargo on time — Whether seller entitled to damages for storing cargo not taken up.