ST Eng: Louis Dreyfus Armateurs (LDA)has followed up with a letter of claim against co for breach of the passenger ferry contract announced on 24 Mar. The claims sought are a total of $63.5m with $4.8m in damages for delay and remaining EUR33.03m ($58.7m) for alleged breach of contract…
Co is disputing the claim and notes that even if liable, total liability is capped at 10% of contract price, approx capped at $17.9m. Based on co’s FY10 net income of $491.0m, LDA’s claim if successful is approx 12.9% of FY10 earnings or 3.4% of net assets.
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