The tribunal ruled that a 20-year take-or-pay contract service contract for an iron ore terminal being built in Nueva Palmira, Uruguay was in full force and effect.
Vale had previously advised Navios it would not be performing the contract prompting the Greek shipowner to commence arbitration proceedings.
“The arbitration tribunal also determined that Navios may elect to terminate the contract if Vale were to further repudiate or renounce the contract and then would be entitled to damages calculated by reference to guaranteed volumes and agreed tariffs for the remaining period of the contract,” Navios said.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
