Unicredit Bank AG v Euronav NV [2022] EWHC 957 – 28 April 2022 (Moulder J)

Charterers (BP), holding B/Ls at the time, novated the charterparty to cargo buyers who thereafter took delivery without production of B/Ls. BP subsequently indorsed the B/Ls in favour of the Claimant cargo financiers who claimed against Owners for misdelivery. In siding with Owners, the Court held the B/Ls did not contain the contract of carriage post-novation nor was this the parties’ intention. The Claimant’s financing scheme would in any event have permitted delivery without B/Ls, and the Claimant’s loss was found not to have been caused by the delivery without B/Ls.