Singapore owner Pacific Radiance has lost a second arbitration case over a cancelled platform supply vessel (PSV) newbuilding.
The Hong Kong International Arbitration Centre made an award of $4.55m against its joint venture company CA Offshore Investment (CAOI).
This will be considered either as payment of the final instalment to Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading or as damages plus contractual interest from the date of vessel tender for delivery.
