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HAMILTON, Bermuda, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Nordic American Tankers (NAT) today announced that an arbitration panel in London has produced an award 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 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 ruled in favour of NAT and awarded the Company $10.2 million plus direct costs and calculated interest.
In the maritime press there have been reports regarding the financial position of GulfNav. This award has no significant accounting impact on NAT.
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