Murmansk Shipping Sued by Arctic Mining Company

  • Business & Finance

Russian Murmansk Shipping Company (MSCO) is being sued by Arctic Mining Company, which is asking for the return of an advance payment related to a shipping contract from 2015.

Arctic Mining Company requested the termination of the dry bulk cargo shipping contract signed between the duo in 2015, as the rates were described as being too high.

As a result, the company is demanding from MSCO a total of RUB 382 million (USD 6.5 million), the remaining part of an advance payment which the shipping firm refused to return.

As a response to the claim of Arctic Mining Company submitted to the country’s arbitration court, MSCO said it is forced to act according to the right granted to carriers by the Code of Merchant Shipping of the Russian Federation and require Arctic Mining Company to pay half of the entire amount for cargo shipping.

MSCO added it will soon file a counterclaim, including the demand to recover USD 296.9 million.

A preliminary court hearing for the case will take place on March 28, Russian IAA PortNews informs.

MSCO carries out the major part of shipments under the Russian flag in the Russian sector of the Arctic.

World Maritime News Staff

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