OW Bunkers – Is There An End In Sight?

Permission to appeal the "RES COGITANS" to the UK Supreme Court granted.

Is there an end in sight? Are we getting closer to answering the issue of fundamental importance to the market – who pays/gets paid?

There has been a spate of litigation worldwide following the collapse of OW Bunkers ("OW") as ship owners look to protect themselves from the risk of double payment, bunker suppliers seek ways to get paid, and OW's administrators and assignees (ING Bank) attempt to recover receivables claimed by OW.

There have been a number of claims with different winners and losers on what appear to be similar facts in various jurisdictions. For example, most recently, the Greek Courts have rejected claims of physical suppliers against owners, but this decision as with the majority of other decisions is subject to further appeal.