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HomeMaritime NewsRegionsAsiaCIMC Raffles wins third award in arbitration against Brazil's Schahin

CIMC Raffles wins third award in arbitration against Brazil's Schahin

CIMC Raffles wins third award in arbitration against Brazil's Schahin
China International Marine Containers (CIMC) rig building unit CIMC Raffles Offshore is making slow but sure progress to recovering the monies owed it in the longstanding dispute with Brazil's Schahin Group over payment for two semisubs as it revealed in a stock market announcement that as at September 17 it had received $105.6m in payments from two separate awards by the London Arbitration Tribunal.

A first interim award in London last May ruled that CIMC Raffles should be paid $16.0m plus interest and it has received $21.1m from this ruling.

"Recovery of such outstanding balances is expected to have positive impact on the financial position of the Company for the year," it said in the announcement.

TAGS: Finance & Insurance Offshore Shipyards CIMC
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