English Supreme Court rules in favour of OW Bunkers

On 11 May 2016 the English Supreme Court delivered its unanimous judgment on the RES COGITANS case in favour of bankrupt marine fuel supplier OW Bunker Malta (“OW Bunkers”) in a dispute over payment liabilities rejecting the further appeal of the ship owners. The outcome was generally expected, as the ship owners had been unsuccessful before the arbitrators, High Court and Court of Appeal.

Oil prices

First of all, let's find out why did the price of oil keep falling during the last seven months.

Back in June 2014, the price of Brent crude was up around $115 per barrel. As of January 23, 2015, it had fallen by more than half, down to $49 per barrel: