Southeaster Maritime Ltd v Trafigura Maritime Logistics Pte Ltd MV "Aquafreedom" [2024] EWHC 255 – 8 February 2024 (Jacobs J)

The parties conducted negotiations for a 4 year T/C, culminating in a Recap, containing ‘subs’ and references to further terms to be agreed; further terms were advanced by Trafigura, commented on by Owners (“Owners’ last”) and countered by Trafigura. Following Owners’ silence and Trafigura’s chasers, the latter purported to accept “Owners’ last” and advised that they lifted all ‘subs’ and were fully fixed.  Granting summary judgment to Owners, the Court held: the ‘subs’ and further terms TBA precluded the Recap being a concluded contract; “Owners’ last” was not capable of acceptance (and had been rejected) and Trafigura’s subsequent conduct was of no contractual effect. There was no concluded C/P.