Olam Global Agri Pte Ltd v Holbud Ltd [2025] EWHC 3187

Olam sold a cargo of corn to Holbud, FOB one of 4 Black Sea ports (3 Ukraine, 1 Romania) on GAFTA 49 terms. On the day of the invasion in 2022, Olam opted for Ukraine origin and 2 days later nominated Pivdennyi. Holbud nominated a performing vessel under protest; Olam declared Force Majeure whereas Holbud held Olam in repudiatory breach and claimed damages. Pending a ruling by GAFTA, the parties agreed to keep the contract open for 6 weeks. Both GAFTA and, on appeal, the Court, found Olam’s FM declaration baseless and in repudiatory breach, but the Court overturned GAFTA’s award of substantial damages to Holbud, as the (non-substitutable) vessel had engaged in alternative employment before expiry of the 6 week period.

Read the full judgment here.