Tuesday, August 12, 2014
U.S. shipping line sues Alcoa for $300M
Nanko Shipping is suing Alcoa for $300 million due to losses it incurred after Alcoa allegedly breached a bauxite shipping contract with the government of Guinea, according to court documents.
That deal established that the Compagnie des Bauxites de Guinee, the largest bauxite mine in the West African country, gave the government the right to choose a firm to ship half of its production, according to a copy seen by Reuters.
In its lawsuit, Nanko alleged that Alcoa, which manages the day-to-day operations of the CBG, had refused the government's request in 2011 to let the U.S. shipping firm take charge of the transportation of Guinea's 50 percent of production.
Nanko's demand for damages was based on its estimates that the value of the government's shipping rights was worth $100 million a year since they were established.
Alcoa spokeswoman Christa Bowers said the firm had not been served with any legal papers relating to a lawsuit by Nanko, and said that they have never had a contractual relationship with Nanko Shipping.
For more of the Reuters Africa story: af.reuters.com
More Newswire stories
NRF: Import volume to surge in August at U.S. ports
Orient Overseas shifts to profits in first-half
Russia: Import market will shift to Turkey and Latin America due to sanctions
Santa Barbara $2500 incentive program slows ships to protect whales
Home | The Magazine | Conferences | Port Handbooks | Newswire | Advertise | Ocean Schedules | Contact
CBN Archives | About CBN | Subscribe to CBN | Marine Fuels Conference | Southeast Freight Conference | Heartland Shippers’ Conference | Port Productivity Conference | Pacific Northwest Ports Handbook
Golden Gates Ports Handbook | Southern California Ports Handbook | Buy Handbooks | Subscirbe to Newswire | Newswire Archives | Upload Files