Panamanian Shipping Cos. To Pay $10M For Failed Ship Deal

By Humberto J. Rocha (April 26, 2022, 5:56 PM EDT) -- A Texas federal judge ordered that two Panamanian shipping companies pay more than $10 million for breaching a sales agreement for two ships with a Mexican energy conglomerate, certifying final awards entered in arbitration in London in 2019.

In a three-page stipulated order signed Monday, U.S. District Judge Alfred H. Bennett in Houston confirmed final awards in favor of Corporativo Grupo R SA de CV, finding Marfield Ltd. and Shanara Maritime International SA had not abided by their contract after they failed to deliver two vessels to Grupo R, which had put down deposits of $5 million on each ship.

"The defendants...

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