Norden battles one of its costumers
SHIPPING: Norden has at a court in New York been granted the permission to confiscate archives for up to 98 million dollars. This is enforced as security to ensure, that one of the shipping company's biggest costumers, the Russian Rusal Trading International, will fulfil a number of transport contracts.
"It is a big case for us, and I have no further comments. We have shown both empathy and flexibility with RTI, but there comes a time where enough is enough and where one has to have some sort of security for coverage of what they owe us", says Norden's CEO Carsten Mortensen.
The case is on 4-5 quantity contracts for the navigation of bauxit, which Norden doesn't think RTI has fulfilled. The confiscated archives consist of deposits in banks and supposedly cover the amount of money Norden believes to still have left in RTI.
The court in New York alone has approved that the archives are frozen but the question of whether Norden actually has the claimed amount of money left over in RTI will be solved later by a court of arbitration.
Rusal, according to Bloomberg News, calls Norden's demands 'unfounded' and states that they will appeal the court's decision.
Source: maritimedanmark.dk / borsen.dk
