Cosco unit, shipowner settle arbitration

Singapore

AN arbitration in London between Cosco Dalian - a subsidiary of Cosco Corporation (Singapore) - and a shipowner that had sought a refund of its US$110 million first instalment in late 2013 has been settled.

Cosco said in a Singapore Exchange filing on Friday that the arbitration tribunal ruled that Cosco Dalian, having paid back the instalment plus interest to the shipowner Dalian Deepwater Development, "is not liable to the shipowner for any further liabilities".