NAT Wins Claim over ‘Gulf Scandic’

  • Business & Finance

Nordic American Tankers (NAT) today announced that an arbitration panel in London has ruled in favour of NAT. Gulf Navigation Holding PJSC (GulfNav) was the other party in the arbitration.

The case relates to the 6 year bareboat charter with GulfNav of the Suezmax vessel Gulf Scandic (now named Nordic Harrier) covering the period from 2004 to 2010.

When the vessel was redelivered to NAT by the charterer in October 2010, it was in very poor technical condition.

The vessel had not been technically operated according to sound maintenance practices by the charterer. NAT had the vessel repaired in the autumn of 2010/spring 2011, and made a claim against GulfNav for costs incurred. A London arbitration panel awarded the Company $10.2 million plus direct costs and calculated interest.

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