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Fortescue dispute with Armada settled

Fortescue dispute with Armada settled

Perth: Australia's Fortescue Metals Group (FMG) has settled its final shipping dispute with Armada (Singapore). FMG terminated a five-year contract of affreightment (COA) with Armada in January last year. The Singapore company took the case to arbitration claiming damages in excess of $70m, FMG offered to settle for $4m. Armada rejected the offer and was awarded $3.7m at arbitration for two shipments suspended by FMG in December 2008 prior to the termination of the COA. Termination of the COA was upheld as valid by the arbitration. The case is the last dispute to be settled when FMG suspended shipping contracts in December 2008. Total damages incurred as a result were $159m. [06/10/10]

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