Unicredit Bank A.G. v Euronav N.V.

Unicredit Bank A.G. v Euronav N.V.

The bill of lading became a contract of carriage between BP and Owners upon novation; upon indorsement to the Bank, section 2(1) COGSA 1992 operated retrospectively to confer rights of suit as if the Bank had been party to the contract from issue. However, the Bank would have permitted discharge without production of the bill, so any breach did not cause the loss claimed.

Parties
Claimant (appellant): UNICREDIT BANK A. G.; Defendant (respondent): EURONAV N. V.
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Bills of Lading, Charterparty Novation, Carriage of Goods by Sea Act 1992, Commodity Trade Financing, Contractual Interpretation, Causation in Contract
Commercial Law Shipping Law Contract Law Bills of Lading Charterparty Novation Carriage of Goods by Sea Act 1992 Commodity Trade Financing Contractual Interpretation +1 more

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Parties

UNICREDIT BANK A. G.

Claimant (appellant)

EURONAV N. V.

Defendant (respondent)

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Status of bill of lading in hands of voyage charterers after charterparty novation
  2. 2 Whether bill of lading evidences contract of carriage post-novation
  3. 3 Effect of indorsement to bank after discharge

Ratio Decidendi

The bill of lading became a contract of carriage between BP and Owners upon novation; upon indorsement to the Bank, section 2(1) COGSA 1992 operated retrospectively to confer rights of suit as if the Bank had been party to the contract from issue. However, the Bank would have permitted discharge without production of the bill, so any breach did not cause the loss claimed.

Court Disposition

Appeal dismissed

Orders

  • No damages awarded to claimant
  • Judgment of High Court upheld