World News
OW Bunker "Res Cogitans" UK Test Case Verdict to be Delivered on Wednesday
The much anticipated final verdict in the so-called Res Cogitans OW Bunker Test Case will be delivered on Wednesday May 11, 2016, the UK Supreme Court has said.
In a hugely anticipated ruling, the case of PST Energy 7 Shipping LLC and another (Appellants) v O.W. Bunker Malta Limited and another (Respondents) will ultimately dictate who the Appellants, as bunker buyers, should pay following the collapse of former bunker giant OW Bunker.
Three lower courts have ruled in favour of OW Bunker / ING Bank (as assignee of the now bankrupt OW Bunker), and most critically, found that the Sale of Goods Act 1979 (SoGA) did not cover contracts signed with OW Bunker.
This means that as things stand, the bunker buyer is liable to pay ING as a contractual debt, the physical supplier to claim for payment for the actual bunkers, and leaving the buyer to effectively pay for the same bunkers twice.
Having heard the final appeal in March, the decision by Lords Neuberger, Mance, Clarke, Hughes, and Toulson will shape the outcome of many other such cases being brought against bunker buyers from around the globe.
Read More:
- In a Nutshell: What is the "Res Cogitans" OW Bunker UK Test Case and Why is it Important
- OW Bunker: UK Court Grants Leave to Appeal in Res Cogitans Test Case
- OW Bunker Test Case: Wrongly Assumed Facts, Credit Periods, Cross Claims, Intent of the Original Bargain all Matters for Consideration
- OW Bunker Test Case: ING Wants 100% of the Bunker Bill, but OW Would Have Only Got "Perhaps 1%"
- OW Bunker UK Test Case: Res Cogitans Physical Supplier Has No Valid Claim to Payment, Respondents Argue
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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