Great Asia Maritime Ltd v Orion Shipping and Trading LLC (The “Lila Lisbon”) [2026] UKSC 23

The Buyer terminated a Norwegian Saleform 2012 MOA under clause 14(a) because the Seller was not ready to deliver the vessel by the cancelling date. It was held that the Buyer could recover loss of bargain damages under clause 14(b), provided that the Seller’s lack of readiness was caused by proven negligence. The Court of Appeal and the Supreme Court dismissed the Sellers’ appeal and confirmed that the reference to the Buyer’s “loss” in clause 14(b) is broad enough to include loss of bargain damages, even where the Seller’s failure to deliver does not amount to a repudiatory breach.

Read the full judgement here.