Asia/Pacific News
X-Press Feeders Refuses to Pay $250 Million Ordered by Sri Lankan Court
Singapore's X-Press Feeders says it cannot pay the $250 million interim sum ordered by Sri Lanka's Supreme Court in a $1 billion claim over the 2021 X-Press Pearl fire and sinking.
The firm said that following a review, it and its insurer cannot make the payment at this stage as they continue to seek discussions with the Sri Lankan authorities, X-Press Feeders said in an email statement on Tuesday.
X-Press Feeders, a former operator of the container ship X-Press Pearl, said more than $170 million has already been spent on wreck removal, environmental remediation and claims processed through the International Tanker Owners Pollution Federation.
"While we respect the judicial process, the ruling leaves open the possibility of additional and potentially unlimited compensation, Shmuel Yoskovitz, CEO of X-Press Feeders, said.
"Any payment towards the judgment could set a dangerous precedent for how maritime incidents will be resolved in the future."
The company also voiced concern for the vessel's Master, who has been under a Sri Lankan travel ban for more than four years.
"We are open to direct dialogue with the relevant Sri Lankan authorities and have been actively seeking to engage with their representatives," the company said.
