Panama Expedition Costs $10 Million For Failed Expedition Deal

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

In a stipulated three-page order signed Monday, U.S. District Judge Alfred H. Bennett in Houston upheld the final rulings in favor of Corporativo Grupo R SA de CV, finding that Marfield Ltd. and Shanara Maritime International SA had breached their contract after their failure. to deliver two ships to Grupo R, which had posted $5 million bonds on each ship.

“The accused…

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