Dubai: Gulf Navigation Holding (GNH) said on Sunday that it had been ordered to pay over $10 million (Dh36.7 million) to Nordic American Tankers following a lengthy arbitration process in London.
In a statement released on the Dubai Financial Market (DFM), GulfNav said they will pay $10,202,624 plus interest from July 1, 2011, until the date of payment.
“Gulf Navigation is now seeking advice from an international law firm based in the UAE to find if GNH can appeal further on this in the court,” the company said in a statement.
Gulf Navigation became involved in a dispute in 2010 regarding the redelivery of the vessel Gulf Scandic, a very large crude carrier.
When the vessel was redelivered to Nordic American by the charterer in October 2010 it was in a poor technical condition, according to a statement by Nordic American.
“The vessel had not been technically operated according to sound maintenance practices by the charterer,” the company claimed.
Nordic American repaired the vessel between 2010 and 2011 and made a claim against Gulf Navigation for costs incurred.