Essar Shipping Wins Arbitration Case against SAIL

first_imgzoom Indian shipping corporation Essar Shipping Limited has won an arbitration case against the Steel Authority of India Limited (SAIL).In accordance with the ruling, SAIL is requested to pay Rs 323 crore (USD 48 million) in damages to Essar Shipping for termination of contract relating to coal transportation, the Economic Times reports citing company officials.Namely, under the contract signed in 2007, Essar Shipping was hired to transport 3 million tonnes of cooking coal from Queensland, Australia to Indian ports.As disclosed, the contract was renegotiated in 2011, only to be terminated shortly after with SAIL resorting to the spot market cargoes.The National Stock Exchange of India Limited has sought clarification from both Essar and SAIL with respect to recent media report.“In this regard, exchange have advised the companies to provide clarification/confirmation on the news item in detail including the following: Whether you/company are aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading. The response from the company is awaited,” the exchange said.Both companies have confirmed the story today, with Essar Shipping saying that they were waiting for “duly stamped copy of the order of the said arbitration award before informing the stock exchanges”.According to SAIL, the arbitration award against the company worth USD 38 million plus interest has been passed.“In terms of the award, certain actions are to be taken by both parties for determining the exact sum for stamping the award. However, the award is under examination by lawyers of the company for future course of action to be taken,” the company added.World Maritime News Stafflast_img read more

Moroccos OCP to Build Fertilizer Factory in India

Rabat – Morocco’s Cherifien Phosphates Office (OCP) and Indian Krishak Bharati Limited (Kribhco) will launch the construction of a fertilizer factory the Andhra Pradesh state, south of India. Morocco’s phosphates are gaining more market share. Expected to be the world’s first phosphates exporter by 2020,  OCP seeks to boost its fertilizer production in Asia.This new partnership of a USD 230 million investment aims to develop  OCP and India’s fertilizer production through the construction of a new unit with a yearly production capacity of 1.2 million tonnes of fertilizer. Moroccan Minister of Equipment, Transport, and Water Logistics, Abdelkader Amara, said that “Morocco and India are working together on four economic projects,” one of which will be established in India.Amara, who leads a Moroccan delegation in a work visit to India from  December 14-21, told  Maghreb Arab Press agency (MAP) that this unit “will further boost the economic bilateral relations between the two countries.”Mohamed Malki, Morocco’s ambassador to India said that “the architectural studies for this project are underway,” specifying that the fertilizer factory should be operational by June or July 2018.During the visit, Amara held talks with several senior Indian officials, including the Minister of State for Foreign Affairs, Mubasher Jawad Akbar, as well as the Ministers of Health and Family, Railways and Transport, Highways and sea freight.These meetings were concluded by the signing of bilateral agreements and memoranda of understanding in several sectors, particularly in the field of health and the fight against epidemics, telemedicine, railways, roads, port infrastructure and water resources. read more