Cosco Shipping subsidiary wins legal battle against crane specialist

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.