Concordia Maritime Settles on Stena Primorsk Dispute

Concordia Maritime Swedish tanker shipping company Concordia Maritime has entered into a settlement agreement concerning a dispute related to Stena Primorsks grounding in the Hudson River in December 2012, according to which the company is obliged to pay USD 9.25 million. In July 2013, Concordia Maritime received a claim for damage related to its decision to stop operating the tanker in the Hudson River. The decision followed Stena Primorsks running aground in December 2012. The vessel was carrying crude oil and heading to a refinery in St. John, New Brunswick. Initially, the company was requested to pay approximately USD 21 million, what was subsequently adjusted to USD 23 million. Consequently, there was a call for the arbitration in the United States after which Concordia Maritime asserted counterclaims amounting to USD 6 million. After careful examinations and discussions, the parties involved in the case decided to settle on the matter, with Concordia Maritime agreeing to pay USD 9.25 million on Friday 13, the company said.