Songa Product and Chemical Tankers IV AS v Gardsea Shipping Inc (the MT Songa Coral) [2026] EWHC 1559 (Comm)
The Court considered whether a payment obligation under a Saleform 2012 MOA expired at midnight in (i) Norway, where payment was to be effected, or (ii) in the most westerly jurisdiction referred to in the MOA definition of "Banking Days". The Court held that the definition of "Banking Days" merely identified which calendar days counted for the purpose of calculating time and did not determine when a day began or ended. Buyers were required to release the purchase price from escrow by midnight in Norway and were in default when they failed to do so.