LONDON, and SINGAPORE, May 23, 2024
/PRNewswire/ -- Bulk commodity trader, Ores & Minerals,
announces a victory in arbitration against Anh Son Thuy, a
company nominated by industrial group Hoa
Phat, Singapore.
Hoa Phat's nominated entity,
Anh Son Thuy must pay Ores &
Minerals $1,473,802.48 in
arbitration, as ruled by The Singapore International Arbitration
Centre on 2nd May 2023, due to
violations in deadfreight, demurrage, and detention.
The dispute stems from a contractual agreement between Ores
& Minerals and Anh Son Thuy for
the transportation of a cargo consisting of 50,000 metric tons of
iron ore pellet chips and fines.
Despite explicit contractual terms and industry-standard
practices, Hoa Phat Singapore's nominated Anh Son Thuy's actions led to substantial
deadfreight costs and associated damages, causing non-performance
and breach of contract.
As a company committed to integrity, transparency, and fair
business practices, Ores & Minerals underscores the importance
of upholding contractual obligations and fostering trust within the
global business community.
Final Arbitration Award can be found here
Ores & Minerals extends its appreciation to the tribunal for
its diligent review of the case.
Final Arbitration Award
Registered in SIAC Registry of Awards as: Award No. 062 of 2023
For media inquiries or further information, please contact Ores
Minerals UK on +44 2037 519 391
Ores & Minerals Corporation is an International Commodity
Trading Group acting as trader and merchant, primarily in metals
and minerals, obtained through direct relationships with mine
owners, aggregators, refiners, processors and fabricators around
the world.
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