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Arbitration rules in favour of Navios in dispute with ValeArbitration rules in favour of Navios in dispute with Vale

A London arbitration has ruled in favour of Navios in a dispute with Brazilian miner Vale over a contract for an iron ore terminal in Uruguay.

Marcus Hand, Editor

December 23, 2016

1 Min Read
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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.

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About the Author

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.

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