Turkish tanker owner Palmali Holdings has lost a third arbitration battle against Azerbaijan oil company Socar.
The award of more than $132m to Socar means the shipping company now faces a bill of $244.5m, after two previous rulings also went against it.
Socar said the award on 3 February was made by a London tribunal under United Nations Commission on International Trade Law (UNCITRAL) rules in favour of subsidiary Azerbaijan (ACG) Ltd.
