Tonzip Maritime (Singapore) PTE Ltd v 2 Rivers PTE Ltd [2026] EWCA Civ 641

Following Owners’ refusal under a C/P incorporating an ‘EPS’ sanctions clause, to load a cargo of oil at a Russian Black Sea port for the Mediterranean, the High Court held that Owners were in repudiatory breach, having no reasonable grounds to apprehend that Sanctioned individuals retained roles within the proposed Shippers. The CA reversed that ruling, finding that the information supplied by Charterers and obtained independently by Owners did leave room for a reasonable apprehension that Sanctioned individuals remained involved, and justified their refusal.

Read the full judgement here.