Category: Insurance case law · Reviewed by Al Jabbar, Broker · Specialist Risks · Last reviewed June 2026
Editorial place-holder for a Glencore International cargo, theft or fraud dispute referred to by the case index as “Glencore v Freeport”. The precise authority intended (and its citation) requires verification.
[verify citation] — Apex’s editorial team has been unable to locate, on open sources at the time of writing, an English authority captioned “Glencore v Freeport”. The most likely candidates referred to by the case index include:
(1) Glencore International AG v MSC Mediterranean Shipping Co SA (a 2017 Court of Appeal decision concerning misdelivery of containerised copper cargo at the port of Antwerp following fraudulent collection by use of release pins obtained by deception);
(2) Glencore International AG v Owners of the Ship Cherry [2001] 2 Lloyd’s Rep 191 (concerning cargo claims); and
(3) Various Glencore Energy decisions in commodity fraud and trade-finance contexts.
The specific authority referenced as “Glencore v Freeport” may refer to a Freeport-related storage or terminal dispute, possibly involving cargo theft or fraudulent release at a free port / bonded warehouse, but the precise citation has not been confirmed. The entry below is therefore retained as a stub.
The general factual pattern in this class of case involves a commodity trader (Glencore) shipping cargo (typically metals, oil products or grain) under bill of lading or warehouse receipt arrangements, where the cargo is misdelivered, stolen or fraudulently released by warehouse operators or port authorities relying on forged or unauthorised release documents. Insurance issues commonly arise under marine cargo policies (Institute Cargo Clauses), under “all risks” wordings, and under crime / fidelity covers, with disputes about whether the loss falls within the insured perils (theft, malicious act, fraud) or within exclusions (delivery against fraudulent documents, infidelity of employees, missing without trace).
[verify citation] — issues await confirmation of the primary judgment. In a Glencore-type cargo case the issues typically include:
(1) Whether the loss of cargo by fraudulent release amounts to a loss by an insured peril (theft, malicious act, all risks) or falls within an exclusion (e.g. consequence of delivery to a person not entitled, fraudulent documents, inherent vice).
(2) Whether the insured can establish a loss on the balance of probabilities where the cause of disappearance is uncertain.
(3) The interaction between cargo cover (Institute Cargo Clauses A, B or C) and any specific theft or fidelity extension.
(4) Possible subrogated recoveries against the carrier, terminal operator or fraudster.
[verify citation] — the precise outcome and reasoning cannot be given here without confirmation of the primary judgment.
Apex’s editorial decision is to retain this entry as a stub so the cross-references in the wiki remain coherent. Brokers consulting this entry should seek the primary judgment intended by the indexer before relying on it.
[verify citation] — pending confirmation of the primary judgment.
In English marine cargo and commodity-trade law, decisions in the Glencore line generally turn on construction of bill-of-lading terms, the operation of release procedures and the allocation of risk between sellers, buyers, carriers and warehouse operators. They have insurance consequences principally through the doctrine of subrogation and the construction of the Institute Cargo Clauses.
The class of Glencore-type cargo cases is significant for UK marine and commodity-trade insurance because it tests:
(1) The boundary between “theft” and “misdelivery” in the Institute Cargo Clauses. Whereas the ICC (A) “all risks” wording generally responds to physical loss of cargo, including by theft, ICC (B) and (C) provide much narrower coverage and may not respond to misdelivery induced by fraud. Brokers placing commodity cover need to be alert to where their assured’s exposures lie.
(2) The treatment of fraud at the bill-of-lading stage. Where a carrier delivers cargo against a forged or unauthorised release instruction, the carrier may face significant liability claims, which in turn affect subrogated recoveries by cargo underwriters.
(3) The relationship between cargo policies and crime/fidelity policies. Modern commodity-trade insurance programmes commonly bundle marine cargo cover with crime cover (Lloyd’s CR or similar wordings) to address fraud risk that traditional marine wordings do not respond to. The Glencore line of cases is influential in market wording reform in this area.
(4) Free-port and bonded-warehouse arrangements raise additional regulatory complexity (customs status, ownership in bond) that affects both the recoverability of losses and the position of underwriters.
Apex brokers placing commodity-trade or marine cargo cover with significant fraud exposure should familiarise themselves with the modern Glencore jurisprudence and obtain the precise primary citation before relying on this entry.
By Matt Bartlett, Director, on 2026-06-06. Next review: 2026-12-06.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-06. Apex Insurance Brokers Limited, FCA FRN 724952, Companies House 07014570. Not regulated advice — consult your broker on your specific position.
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