UK Defense Club Announces Positive Financial Results
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.
Gadot Chemical Tankers Wins US$80-million International Arbitration
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
