$3m arbitration reward for Glory Wealth

$3m arbitration reward for Glory Wealth

A British High Court judge on Tuesday ruled in favour of Singapore’s Glory Wealth shipping line in an international arbitration award over a long running contract dispute regarding charters with Swiss-based coal shipper Flame, according to website Law360.

The judge said low profile Glory Wealth was owed $3m in unpaid charter rates, a ruling that did not necessarily satisfy the shipowners, who had asked that the money be sent to two other companies owned by its directors.

The case dates back to six voyages in 2011.

Glory Wealth, founded in 2007, has been embroiled in a host of court cases in the past six years.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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