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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Kerry to Press ASEAN meeting for talks on SCS Disputes

U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Great Lakes

Great Lakes Dredging Awards Announced

Great Lakes Dredge & Dock Corporation announced that it was recently awarded four contracts with an approximate value of $93 million. Great Lakes received two

Great Lakes Ports Support Ballast Reforms

Directors of major commercial ports in the Great Lakes region called on Congress to end years of regulatory chaos surrounding ballast water management.    In a joint letter issued late yesterday,

U.S. Ports See Slower Beginning to Shipping Season

While U.S. ports have been busy, overall the beginning of the shipping season has been slower than anticipated.   “Although the overall cargo numbers remain down

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar
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: 0.0553 sec (18 req/sec)