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Pacific Radiance JV gets US$2.78m in HK arbitration for failed vessel delivery
A JOINT-VENTURE of offshore marine company Pacific Radiance on Friday announced that it has been awarded about US$2.78 million plus interest as part of arbitration against two Chinese shipyard groups, Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading (Shanghai).
They had failed to deliver two platform supply vessels as part of two 2013 shipbuilding contracts. The amount awarded on Friday by the Hong Kong International Arbitration Centre was for the refund of a pre-delivery instalment for one of the vessels, H1350, as well as contractual interest from the date of payment of the instalments until the date of refund.
Arbitration for the other vessel H1351 is ongoing.
Pacific Radiance's joint venture, CA Offshore Investment Inc, had in November 2016 begun arbitration proceedings against the two shipbuilders and claimed, among other things, refunds for the pre-delivery instalments for the two vessels totalling US$5.55 million, plus interest.
Pacific Radiance closed flat at S$0.104 on Tuesday before the announcement was made.