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

UN environment agency recognises three students for contributions to sustainable innovation

At a ceremony in Leverkusen Germany, UNEP declared Adriana Maria Villalobos Delgado of Costa Rica, Mwanyuma Hope Mugambi of Kenya and Dang Huyn Mai Anh of Viet Nam this year’s recipients of the Young Environmental Leader Award for their impactful environmentalist projects.“All of the 2012 Young Environmental Envoys clearly demonstrate that young people across the world have the motivation, creativity and knowledge to provide concrete solutions to the world’s most critical environmental challenges,” UNEP Executive Director Achim Steiner said at the award presentation, held on Saturday. The laureates were selected on the final day of the Young Environmental Envoy Programme, a week-long programme co-organized by UNEP and pharmaceutical company Bayer, which brought together close to 50 young leaders from 19 developing countries for a study tour in Germany.Ms. Delgado, a 20-year-old chemistry student at Costa Rica’s Universidad Nacional, pioneered a system for extracting active ingredients for medicine from discarded shrimp shells in an effort to introduce more effect methods of waste management to her country’s shrimping sector. Ms. Mugambi, a 23-year-old student of environmental sciences in Mombasa, developed a project combining the artisanal skills of local Kenyan women with the growing supply of discarded polythene bags littering her city’s streets as well as the municipal dump. She and her team of volunteers brought in local women to sew purses, bags and table mats from the plastic bags found in the community, providing the women with marketable skills as well as a source of income through the sale of their products. Dang Huyn Mai Anh, meanwhile, developed an innovative approach to educating Viet Nam’s households in reducing their energy consumption. After extensive research, the 20-year-old business administration student from Ho Chi Minh City designed, produced and distributed a ‘Green Book for Housewives’ providing valuable information on the economic savings that private households can make through efficient energy usage.“With the right kind of support, these innovative projects can be scaled up and replicated elsewhere, thus providing an important contribution to an inclusive, low carbon, resource efficient green economy, which is vital if the world is to meet the resource needs of a global population of nine billion by 2050,” Mr. Steiner added. Since its founding, the UNEP programme has accepted over 500 young innovators from around the world to partake in the study tour. The programme now covers a wide range of countries, including Argentina, Brazil, Chile, China, Colombia, Costa Rica, Ecuador, India, Indonesia, Kenya, Malaysia, Peru, the Philippines, Singapore, South Africa, Republic of Korea, Thailand, Venezuela, and Viet Nam. read more