Pacific Radiance ordered to pay $4.55m in arbitration with Waigaoqiao Shipbuilding

Pacific Radiance ordered to pay $4.55m in arbitration with Waigaoqiao Shipbuilding

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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