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Penguin International reaches out-of-court settlement with Wartsila

Singapore-listed shipyard Penguin International has reached an out-of-court settlement with Wartsila Ship Design Norway over the cancellation of a 2010 shipbuilding contract.

Marcus Hand, Editor

April 16, 2015

1 Min Read
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Penguin International subsidiary, Penguin Shipyard International (PSI) had filed a Writ of Summons and Amended Statement of Claim in the Singapore High Court against Wartsila after it terminated of shipbuilding contracts for the construction of two Safety Standby Rescue Vessels.

In a statement to the Singapore Exchange on Wednesday PSI said that it had reached an out-of-court settlement with Wartsila on 13 April this year. It said the terms of the settlement were confidential but its directors believed it was in the best interests the company.

About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

See more from Marcus Hand
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