Korea Line Corporation has won an arbitration case against a Chinese company regarding a charter contract dispute, recovering up to KRW76bn ($68m).
Korea Line entered into the charter contract with a Chinese operator, whose name was not disclosed, in 2008 and the charterer later went bankrupt in 2013. The liabilities of the company have since been assumed by the parent company.
However, the parent company refused to fulfill the terms of the charter contract, leading to an arbitration between the two parties.
According to Korea Line, it has so far received KRW30bn from the company and it is expected to receive the remaining KRW46m by the end of this year.
Korea Line itself filed for bankruptcy protection back in 2011, a high profile casualty of the shipping downturn before being bought out by local construction firm Samra Midas at the end of 2013.