Psara Energy's appeal thrown out, but arbitration continues

Vafias-linked Psara Energy has failed in its attempt to keep its contentious lawsuit against Advantage Tankers alive.

The New Orleans-based Fifth Circuit Court of Appeals denied Psara's petition to reverse a circuit court decision forcing the parties into arbitration over the now-scrapped 104,500-dwt CV Stealth (built 2005) on Thursday last week.

"The decision of the Fifth Circuit Court of Appeals was very technical on arbitration issues, not substance," said Psara's attorney George Gaitas of Gaitas & Chalos.