Settlement Reached in Stocznia/Latreefers Dispute

Wednesday, October 09, 2002
Terms of settlement have been reached in the protracted legal dispute between Polish shipyard Stocznia Gdanska, Latreefers and the Latvian Shipping Company ("Latco"). The settlement, the terms of which remain confidential, brings to an end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham. Ince & Co represented the Polish yard. The dispute centered on the shipyard's claimed entitlement to damages arising from the failure of Latreefers, a wholly owned subsidiary of the Latvian Shipping Company, to meet contractual payments under a $170 million, six reefership order placed with the Gdansk yard in 1992 and subsequently cancelled. Stocznia Gdanska arrested in France several vessels belonging to Latco or subsidiary companies in an attempt to enforce its claims against Latvian Shipping Company. Most arrests were subsequently lifted but the remaining two vessels still under arrest as a consequence of the dispute, the Razna and the Taganroga, have now been released.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

'Governments Must Act to Save Thousands of Migrants'

The humanitarian crisis in the Mediterranean Sea is spiralling out of control. EU Member States must act urgently to prevent the loss of thousands more lives,

 
 
Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.4586 sec (2 req/sec)