Maybulk served claim
Published: 2009/10/22
MALAYSIAN Bulk Carriers Bhd (Maybulk) said its unit Everspeed Enterprises Ltd received an arbitration claim from Raffles Shipping & Investment Pte Ltd.
Everspeed had chartered the Bunga Saga 9 vessel from Raffles and it cancelled the deal in accordance with the terms, Maybulk said.
Raffles did not say how much it is claiming but the total in dispute is US$28.5 million (RM96.61 million) less any sum that Raffles can recover by re-chartering the vessel to another party.
Lawyers have told Everspeed that it has reasonable prospects to win the dispute, Maybulk said in a statement to Bursa Malaysia.
http://www.btimes.com.my/Current_News/BTIMES/articles/20091022004519/Article/
Comment: This is a very tough sector at least for the next 2 years.
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