Sweden’s Concordia Maritime has announced that it has reached a settlement regarding a dispute associated with Stena Primorsk’s grounding in the Hudson River in December 2012.
In July 2013, Concordia Maritime received a claim regarding damage the counterparty believes Concordia caused them in connection with its decision to stop operating Stena Primorsk in the Hudson River after the grounding, which occurred near Albany, NY in December 2012.
The counterparty’s initial claim amounted to $21m, which was subsequently adjusted to $23m, and requested the matter be settled by arbitration in the United States in accordance with the terms of the agreement. In connection with the arbitration proceedings, Concordia Maritime asserted counterclaims in the amount of $6m.
After further discussions, the parties have now entered into a settlement agreement which will see Concordia Maritime pay $9.25m to the counterparty.
