Fortescue sued for $132.5M in shipping contract dispute

Dec 19, 2008 | 11:25 AM | Mick Bowen

Shipping companies Splendour Special Maritime Enterprise and Armada (Singapore) Pte are suing Australia's Fortescue Metals Group Ltd., alleging the iron ore miner broke contracts and canceled shipments, according to separate complaints filed in U.S. federal court in New York.

Splendour is suing FMG for $130 million in damages while Armada is seeking $2.53 million.

"The Chinese said they don't want Fortescue's ore and so Fortescue said they don't need the ship. It all ripples from the slowdown of Chinese expansion," Jeremy Harwood, a partner at law firm Blank Rome LLP, said of the Splendour complaint. Blank Rome filed the lawsuit on behalf of Splendour, which is controlled by Greek shipping tycoon John Angelicoussis. Armada is represented by Holland & Knight LLP.....

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