Progress Bulk Carriers has failed to overturn an arbitration award that found them liable to compensate a US steel company for “illegitimate pressure” arising from a charter deal that went wrong.
Progress agreed to subcharter the 37,000-dwt bulk carrier Cenk Kaptanoglu (built 1983) to Tube City to deliver a scrap metal cargo from the Mississippi to China but repudiated the deal and misled the charterer by then fixing the ship to Daewoo.
The
