Singapore-based offshore vessel operator Pacific Radiance has announced that Hong Kong International Arbitration Centre (HKIAC) has ruled against its joint venture CA Offshore Investment in an arbitration with Waigaoqiao Shipbuilding.
CA Offshore filed the arbitration at the HKIAC in 2016 for Waigaoqiao’s failure to deliver the two vessels, H1350 and H1351, claiming a refund of $5.55m in total.
HKIAC made an award against CA Offshore amounting to $4.55m in the case for the H1351 vessel, either as payment of the final instalment or as damages plus contractual interest from the date of vessel tender for delivery.
In May, HKIAC ruled in CA Offshore’s favor in the case for the H1350 vessel.