Unicredit Bank AG v Euronav NV [2023] EWCA Civ 47 – 4 May 2023 (Asplin LJ, Popplewell LJ, Falk LJ)

Unicredit financed the sale of a cargo of LSFO by BP to Gulf. BP chartered the vessel from Euronav but further to a novation agreement, Gulf became charterer in BP’s place.  Euronav thereafter delivered the cargo to Gulf without production of the b/l, which had not by then been endorsed to Unicredit by BP. Being unpaid by Gulf, the Bank claimed against Euronav for breach of the contract of carriage. The CA disagreed with the Court below that the b/l remained a mere receipt following novation. However, it agreed that Euronav’s breach was not causative of the loss, as on the evidence, the Bank would in any event have ordered delivery to Gulf. The Bank’s appeal was dismissed.