Sevmash Shipyard Appeals Court Ruling

(Press Release)
Thursday, December 30, 2010

On 10 December 2010, the state commercial court in Arkhangelsk decided in favour of Odfjell and approved our application concerning the recognition and enforcement of the arbitral award filed against Sevmash shipyard.
Odfjell has been informed that the Ruling of the Court has been appealed by Sevmash to the relevant court of appeal (Cassation Court in St. Petersburg). No information has been received with respect to when the case will be heard by the Cassation Court.
In 2004 Odfjell placed an order at Sevmash, a large shipyard near Arkhangelsk, for up to 12 chemical tankers, each of about 45,000 tons capacity. The newbuilding contracts included an arbitration clause under Swedish law. Excessive and continuing delays of construction forced Odfjell in 2008 to cancel these contracts.
Odfjell claimed damages from Sevmash, and the Swedish arbitration tribunal unanimously, on 30 December 2009, awarded Odfjell damages of USD 43 million plus reimbursement of legal costs plus 8.5% p.a. interest for any delay in settling the award. Sevmash has refused to pay Odfjell the awarded amount.
 

 

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

Legal

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Wärtsilä's' Propulsion for Use with US Compliant ELA

Wärtsilä has developed propulsion systems that are capable of operating with Environmentally Acceptable Lubricants (EALs) and comply with the US Vessel General Permit 2013 (VGP-2013).

Shipbuilding

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Sonar 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: 0.0951 sec (11 req/sec)