World News
Precious Shipping Not Entitled to Damages in Excessive Fuel Consumption Case, Rules Arbitration Tribunal
Precious Shipping PCL (Precious Shipping) says an arbitration tribunal in London has found that the company is not entitled to damages for breach of the Contract or Specifications related to the fuel consumption performance of two 63,345 DWT bulk carriers built by Taizhou Sanfu Ship Engineering Co., Ltd. (Sanfu).
Precious Shipping had contracted Sanfu to build a series of 10 ultramax vessels, but cancelled three of the ships in the midst of accusations of the vessels' excessive fuel consumption.
As a result of the recent arbitration findings, $32,000,000 in unsecured corporate loans extended by Sanfu to the Precious Shipping under previous settlement agreements are to be repaid to the ship builder, along with applicable interest and legal costs (capped at $750,000), by October 4, 2018.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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