Odfjell Receives $50.7M from Russia

Maritime Activity Reports, Inc.

May 31, 2011

Odfjell received today USD 50.7 million from Sevmash following the Russian Supreme Court's rejection of the appeal from the yard. The amount includes the award from the arbitration panel in Stockholm, legal cost and accumulated interest.
In 2009 Odfjell accounted for the awarded amount with USD 43.3 million as income. Our efforts to enforce the payment of the award have been ongoing since December 2009, and the first ruling in favour of Odfjell was in the Court of Arkhangelsk in December 2010.
We are pleased that this case has now come to a satisfactory close.

Source: Odfjell

Maritime Reporter Magazine Cover Jun 2019 - 80th Anniversary World Yearbook

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News