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Summary judgment for sellers' price claim under SGA 1979 s 49(1); title passed; letter of credit conditional; tender sufficed – English Commercial Court (Moeve Trading v Mael Trading)

Published on: 23 January 2026

Published by a LexisNexis Commercial expert
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Moeve Trading S.A.U. (formerly CEPSA Trading SAU) v Mael Trading FZ LLC [2026] EWHC 17 (Comm)

The background facts

By a contract dated 4 April 2024, the parties agreed the sale of 9,000–9,500 MTs of gasoline and 5,000 MTs plus 5% of gasoil, both at the Buyers’ option, on Free on Board (FOB) terms at Algeciras, Spain (the Contract). The cargo was loaded on 12 July 2024 aboard the MV HARBOUR PROGRESS (the Vessel) and bills of lading were issued. One week later the Vessel arrived at Freetown, Sierra Leone, where notice of readiness was tendered. Discharge proceeded without presentation of the bills of lading, against a letter of indemnity, and the Buyers and their purchasers took delivery. On shipment, title to the cargo passed to the Buyers in line with the Contract’s express terms. The purchase price exceeded US$13 million and was payable upon presentation of the shipping documents, including the issued bills of lading. Payment was to be made under an LC opened in June 2024, and in any event fell due within 60 days from the bill of lading date. However, when the...

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