CH Offshore (SGX:C13) said a federal court in Ciudad del Carmen, Mexico, has ruled in its favour in proceedings to enforce arbitral awards for about $2.1 million in unpaid charter hire, according to a Thursday filing with the Singapore Exchange.
The court ordered the charterer to pay the outstanding charterhire, related interest, and accrued interest. It also ordered the charterer to return the vessel to CH Offshore, stop sailing it except for delivery, remove it from the Mexican vessel registry and assist with flagging it in Singapore.
The charterer's defence arguments and counterclaim were dismissed. CH Offshore said the judgment is not subject to appeal, although the charterer may still seek to challenge or delay enforcement through "Amparo" proceedings.
CH Offshore said the potential accounting impact of the judgment will be assessed once there is certainty over the charterer's compliance.