Concordia: Judgement Pronounced in Dispute.STOCKHOLM, Sweden -- After a dispute lasting several years, a court in London has ordered Concordia Maritime (STO:CCORB) to pay USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3.6 million to a subsidiary of the Halliburton group in the US. Concordia Maritime will also have to pay some interest compensation to the opposite party. The original claim of USD 11.5 (SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 91.5) million was for compensation for repair and steel replacement work carried out by the buyer on the VLCC VLCC abbr. very large crude (oil) carrier Stena Continent sold by a subsidiary of Concordia Maritime in 2000. A provision of USD 2.3 (SEK 11.5) million was made in the annual accounts for 2005. In view of the judgement now pronounced, Concordia Maritime has lowered its forecast for 2006 from SEK 75 million to SEK 55 million. There is a possibility that either party may appeal the court's ruling but no decisions on this have yet been made. "A protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. and trying trial process has come to an end and we are moving towards a final closure. We are concentrating on looking ahead and devoting all our resources constructively to future projects and activities", says Hans Noren, President of Concordia Maritime. The dispute concerns the interpretation of parts of the sale agreement for the VLCC Stena Continent. Proceedings were commenced in England in November, 2004. The Judgement was delivered recently following a seven week trial in court in London. Concordia Maritime is an international tanker shipping company listed on the Nordic Exchange. The company has ordered ten tankers, which are being built in accordance with the MAX concept. These vessels, P-MAX, are product tankers of about 65,200 dwt. The MAX concept means that the vessels are designed for maximum loading capacity in shallow waters See:
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new concept for safer oil transportation with double main engines in two completely separate engine rooms, double rudders and steering gear steering gear n. The mechanism by which dispositions of the steering controls of a vehicle are transferred to the part that interacts with the external medium. Noun 1. , two propellers and double control systems. www.concordia-maritime.se. This information was brought to you by Waymaker http://www.waymaker.net |
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