China Ocean Shipbuilding appeal rejected

Hong Kong: China Ocean Shipbuilding announced that its wholly owned subsidiary Jiangzhou Union Shipbuilding has received an order granted by the High Court of Justice of England and Wales.

The court has rejected the appeal application made by Jiangzhou Union Shipbuilding and asked the shipyard to pay Algoma Tankers International’s costs of the application.

Jiangzhou Union Shipbuilding went into arbitration with Algoma Tankers earlier this year due to dispute on three shipbuilding contracts. The UK arbitration tribunal has made arbitral awards in favour of Algoma Tankers in May. The shipyard was not satisfied with the results and submitted an application to High Court of Justice of England and Wales to permission to appeal on the awards. [11/11/13]

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