Navios, Vale Contract Remains in Full Force

Image Courtesy: Vale

The 20-year service contract between Greek dry bulk shipping company Navios Maritime Holdings and Brazilian mining giant Vale International remains in full force and effect, according to a London arbitration tribunal ruling.

The announcement is the result of arbitration proceedings launched by Navios Maritime in June 2016 after Vale said that it will not be performing the contract related to an iron ore port currently under construction in Nueva Palmira, Uruguay.

Navios said that the arbitration tribunal, which issued its decision on December 21, 2016, also determined that Navios may elect to terminate the contract if Vale “were to further repudiate or renounce the contract.”

The company would then be entitled to damages calculated by reference to guaranteed volumes and agreed tariffs for the remaining period of the contract, Navios added.

The 20-year service contract was signed between Navios’ subsidiary, Navios South American Logistics, and Vale in September, 2013.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >