October 2025
DCW Monthly: October 2025
From digital trade to defense finance, this month we're looking at how law and policy continue to evolve
2 min read
Further to a case previously analyzed in DCW, a Singapore Court of Appeal has affirmed the decision in The “Maersk Katalin”[[1]] that a shipowner is liable for loss caused to a bank as a result of misdelivery of cargo that was discharged without presentation of original bills of lading.
The case involved United Overseas Bank (UOB)’s financing the purchase of oil cargo by Hin Leong Trading from Winson Oil Trading. The cargo was carried by Maersk and released following Winson’s issuance of a discharge letter of indemnity. Thereafter, Hin Leong applied for a letter of credit which was issued by UOB. The LC provided for payment against Winson’s presentation of a commercial invoice and payment letter of indemnity (Payment LOI) if original bills of lading (OBLs) were not available.
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