( 1 ) ). Instant appeal is directed against judgment dated January 15, 2003 rendered by the learned Single Judge in O. J. Civil Application No. 257 of 2001 filed in Admiralty Suit No. 19 of 2001 by which two prayers made by the appellants, namely; (i) that the bank guarantee dated August 16, 2001 furnished by the appellants in favour of Registrar of the High Court in order to obtain release of the vessel of the appellants be returned duly discharged; and (ii) that the respondent be directed to pay to the appellants a sum of US$ 1,43,230. 28 as damages, are refused.

( 2 ) THE respondent is a company organized under the laws of Liberia, and carries on business, inter alia, as supplier of bunkers to various vessels worldwide. The appellant No. 1 is a foreign-flag vessel. According to the respondent, it was contacted on or about July 24, 2000 by brokers acting on behalf of the owner of the appellant No. 1-vessel for supply of bunkers at Port Said Suez and, therefore, an order confirmation dated July 24, 2000 was issued by the respondent to the owners of the said vessel confirming the order for supply of 530 MT IFO 180 CST and 80mt MGO at a price of US$148. 50 per MT fo