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 September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Indian Investigators Drop Case Against Billionaire Birla

India's Central Bureau of Investigation (CBI) has closed a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that emerged in

Oil Train Regulation Passes in California

California lawmakers on Friday passed legislation requiring railroad companies to tell emergency officials when crude oil trains will chug through the state.

Skangass Granted Permission for LNG Terminal

The Swedish Government (Länsstyrelsen in Dalarnas Län) has granted Skangass permission to build and operate a new Terminal for LNG (Liquefied Natural Gas) within the harbour in Gävle, Sweden.

Great Lakes

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0687 sec (15 req/sec)