Otto Marine has started arbitration proceedings against Polar Marine for prematurely cancelling a contract. This is in relation to a shipbuilding contract that Otto Marine entered into with Polar Marine.

In a filing with the Singapore Exchange, Otto Marine said it terminated
the contract with Polar Marine with effect from June 30.

This follows a premature cancellation of the contract by Polar Marine.

Through its lawyers, Otto Marine has already served a notice of arbitration to Polar Marine.

Otto Marine said if it’s not successful in its claim, it doesn’t expect
a material adverse effect on the net earnings per share or net tangible
assets per share of the company for the financial year ending 31
December 2009.

Source: CNA

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