In February 2026, the U.S. Court of Appeals for the Fifth Circuit issued a major decision that caught the attention of shipowners, bunker suppliers, charterers, and maritime lawyers around the world. The
In February 2026, the U.S. Court of Appeals for the Fifth Circuit issued a major decision that caught the attention of shipowners, bunker suppliers, charterers, and maritime lawyers around the world. The case – Three Fifty Markets, Ltd. v. M/V ARGOS M, et al. – is a masterclass in how maritime liens, bunker supply chains, and “no lien” clauses collide in modern shipping commerce, often in disputes where fuel is delivered, used, and never paid for.
At its core, the dispute reflects the complexity of today’s bunker supply chains. Three Fifty Markets, Ltd., a UK based bunker trading company, supplied 800 metric tons of Very Low Sulphur Fuel Oil to the M/V ARGOS M at Las Palmas, Spain, in October 2022.
The bunker request originated from AUM Scrap and Metals Waste Trading LLC (AUM) in the UAE which was purportedly acting on behalf of Shimsupa GmbH, the vessel’s time charterer through the broker BunkerEx.
The fuel was delivered without incident. Payment, however, never followed. Neither AUM, Shimsupa, the owner Argos Bulkers, nor the vessel manager Pontos Marine satisfied the invoice.
Three Fifty responded with the most powerful legal tool available to an unpaid bunker supplier: it filed for a maritime
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