Shipping Conglomerate Sued For $122M Over Vessel Sale

By Silvia Martelli (December 20, 2021, 3:00 PM GMT) -- A shipping company has sued Privinvest for €108 million ($122 million) for failing to indemnify it after an agreement for the purchase of a vessel that the shipbuilding conglomerate had guaranteed went south.

AI Odessa (CI) Ltd. said in its High Court claim that Privinvest has to pay it back €107.8 million for a 2018 purchase that the group, based in the United Arab Emirates, guaranteed between one of its vessel builders and AI Odessa.

Nobiskrug GmbH, which is owned by Privinvest, agreed in 2018 to build and sell a 116-meter vessel to AI Odessa under a contract guaranteed by the...

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