Cosco will be awarded an estimated $3.9m.
COSCO Shipping International (Singapore) Co., Ltd. announced the arbitral tribunal has released the award of the arbitration to its subsidiary Cogent Holdings Limited against a crane specialist for breach of contract.
The arbitral tribunal has released the award of the arbitration to SH Cogent Logistics Pte. Ltd, a subsidiary under Cogent Holdings.
COSCO will be paid the sum of an estimated $2.1m as well as another sum estimated at $1.8m, which includes 70% of SHCL’s share of the costs of the arbitration and 70% of SHCL’s legal fees, expenses and disbursements in relation to the arbitration.
On 22 December 2015, Cogent Holdings filed an arbitration against a crane specialist for breach of contract for not completing the Gantry Crane Works for Cogent’s “Cogent 1.Logistics Hub” project.
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