Western Bulk says the ruling is being appealed and prospects for recovery of the company’s counterclaim is also “uncertain due to the financial standing of the claimant.”
Western Bulk was sued for $12.3m plus interest at 5% per annum since 2006 as well as costs amounting to a further NOK 5.8m ($774,000) in a dispute over the wrongful arrest of the 19,500-dwt bulker Centauri (built 1977) in Angola.
The vessel which has since been scrapped was arrested as a result of a complex dispute involving forward freight agreements and multiple parties including Navitrans of Greece and companies controlled by brothers Ioannis and Evgenios Tingas.
An Oslo court ruled in favour of Christen Sveaas controlled Western Bulk on all points and awarded damages of $8.5m plus interest and costs amounting to NOK 10.7m ($1.43m).
“Although the outcome of the appeal is uncertain, developments during the recent trial and the clarity of Oslo District Court's decision give Western Bulk reason to believe we have a strong case. Western Bulk will continue to defend our case and pursue our counterclaim vigorously,” the company said in an Oslo stock exchange notification today.
