Ship Owners Fight UniCredit's $26M Claim Of Misdelivered Oil

Law360, London (February 18, 2021, 5:14 PM GMT) -- Ship owner Euronav NV has denied delivering tons of oil to unknown third parties in the United Arab Emirates after UniCredit Bank AG sued for $26.3 million over allegedly mishandled cargo. 

UniCredit claimed in its January High Court suit that it provided a line of credit to Gulf Petrochem FZC (Gulf) so it could purchase the oil from BP. However, the two sides disagree over who had assigned rights to give delivery instructions for the cargo and which shipping documents they were bound by.

Euronav denied in its defense filed on Monday that it "misdelivered" some of the oil. Instead, the company argued,...

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