Concordia Maritime settles arbitration
Concordia Maritime has entered into a settlement agreement regarding a dispute associated with Stena Primorsk’s grounding in the Hudson River in December 2012. According to the settlement agreement, Concordia Maritime will pay USD 9.25 million to the counterparty.In July 2013, the company owning the vessel received a claim regarding the damage the counterparty believes the company has caused them in connection with the company’s decision to stop operating Stena Primorsk in the Hudson River after the vessel’s grounding in the shipping channel in December 2012. The counterparty initial claim