Arbitration Panel Awards In Favour Of Nordic
Bermuda-based Nordic American Tankers [NAT] announced on Friday [Jan 31] that an arbitration panel in London has produced an award in favour of NAT. Gulf Navigation Holding PJSC [GulfNav] was the other party in the arbitration.
The case relates to the 6 year bareboat charter with GulfNav of the Suezmax vessel Gulf Scandic [now named Nordic Harrier] covering the period 2004 to 2010.
“When the vessel was redelivered to NAT by the charterer in October 2010, it was in very poor technical condition”, a spokesperson said. “The vessel had not been technically operated according to sound maintenance practices by the charterer.
“NAT had the vessel repaired in the autumn of 2010/spring 2011, and made a claim against GulfNav for costs incurred. A London arbitration panel ruled in favour of NAT and awarded the Company $10.2 million plus direct costs and calculated interest.
“In the maritime press there have been reports regarding the financial position of GulfNav. This award has no significant accounting impact on NAT.”
