London Maritime Arbitration Association News

The UK Defence Club, a provider of FD&D (legal costs) insurance to the maritime industry, announces its financial results for the year ended 20 February 2014. M.G. Pateras, Chairman of the UK Defence Club, says: “We are in a strong financial position with £52.2 million assets under management and with free reserves of £24.5 million. The past 12 months have seen the UK Defence Club entered owned tonnage reach an all time high at 127 million GRT, in addition to a sizeable book of chartered business. “Litigation is, however, an increasingly expensive proposition and a sound financial basis is crucial to the Club’s ability to support Members faced with litigation irrespective of the amounts involved.

The sale of Gadot Chemical Terminals and Tankers Ltd. by Israel Discount Bank (TASE: DSCT ) will be able to move forward, after the London Maritime Arbitration Association ruled in the company's favor in the hearing against a Chinese shipyard from which it ordered four ships in 2007, reports Globes [online], Israel business news. The arbitration tribunal awarded Gadot $80 million, which it will receive in a few weeks, and which will reduce its debt and boost its value. Source: Globes [online], Israel business news