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.