World News
Latest Arbitration Over Fuel Consumption Dispute Finds in Favour of MAN Refund to IM Skaugen
The IM Skaugen Group (IMS) says its ongoing dispute with MAN Diesel & Turbo SE (MAN) over alleged fraud relating to IMS' purchase of 12 marine diesel propulsion systems has seen a tribunal compel MAN to refund IMS its down-payment for the engines.
The tribunal found that MAN should pay a total of approximately €5.3 million ($5.95 million), as well as around €1.4 million ($1.57 million) for IMS' legal and other costs.
"The latest and most significant arbitral award dealt more directly with their fraudulent activities and for this reason awarded us a recovery from MAN of approx. USD 8 mill of prepaid funds incl interest and recovery of our cost of the arbitration itself," said IMS in a statement on Thursday.
"At the time of writing, we also have pending litigation ongoing in Norway to enable Norwegian courts hear our claim for tort for the fraud committed regarding our purchase of marine propulsion systems from MAN and to recover not only our additional/excessive fuel costs on vessels currently in operation, but also other related costs and losses incurred as a result of their fraud."
IMS says it is awaiting recovery of all $8 million in prepaid funds from MAN.
As Ship & Bunker reported in 2015, IMS, at the time, was suing MAN for $49 million in damages after the engine manufacturer allegedly manipulated fuel consumption figures of engines sold in 2000.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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