Diamantis Diamantides company Delta Tankers has secured the release of an aframax arrested in Russia during a year-long legal ordeal, following a settlement that will cost the International Group of Protection & Indemnity Clubs a whopping $27m.
Things, however, could have been far worse for the Greek shipowner and his insurers.
They originally faced a $63.5m bill over damages caused to a Primorsk port berth by the 111,000-dwt tanker Delta Pioneer (built 2004).
