Shipyard Arbitration Claim Favours Algoma Central

Press Release
Tuesday, May 07, 2013

Algoma Central Corporation (Algoma) wins in its dispute with a Chinese shipyard at a London, UK, Arbitration Tribunal.

The tribunal heard the shipbuilding contract dispute involving Algoma Tankers International Inc., a wholly owned subsidiary of Algoma Central Corporation, and found in its favour.

In 2007 the Corporation, through its wholly owned subsidiary, entered into contracts to build three 16,500 - deadweight ton product tankers in China. Each contract contained provisions that permitted cancellation under certain conditions. These conditions were met in 2010 and Algoma accordingly issued notices of rescission to the shipyard seeking to cancel the contracts, and demanding reimbursement of the instalments that had been advanced. The matter was taken to arbitration by the shipyard and hearings were conducted before the Tribunal in London in September, 2012.

"We are extremely pleased that the Tribunal agreed with the merits of our claim", said Greg Wight, President and CEO of the Corporation. "We will now proceed to make a formal demand for reimbursement of our instalment payments as provided for under the terms of the contracts."

"A lot of effort went into achieving this result," added Duncan Jackman, Chairman of the Board of Directors of Algoma. "I would like to extend my thanks to everyone involved in this for their diligence and hard work."

Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway.
 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Philippine, Vietnamese Troops Together on Disputed Island

Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two

Hundreds Rally in Myanmar over "boat people" Crisis

Hundreds of protesters marched through the streets of Myanmar's largest city of Yangon on Wednesday to denounce foreign criticism of the country's treatment of stateless Rohingya Muslims.

Wärtsilä wins BWMS Order for 3 Vessels

Wärtsilä has received another important order for its Ballast Water Management Systems (BWMS). Three new container ships being built for a major European shipping

Great Lakes

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

USACE Soo Lock Bulkheads Delivered

Moran Iron Works, Inc. (MIW) was contracted to fabricate, galvanize and deliver two bulkheads for the U.S. Army Corps of Engineers (USACE), Detroit District for

April Ice Weighs on US-flag Lakes Cargo

U.S.-flag Great Lakes freighters (lakers) moved 6.7 million tons of dry-bulk cargo on the Great Lakes in April, a decrease of nearly 6 percent when compared to the month’s 5-year average.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0900 sec (11 req/sec)