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Mining giant Vale loses port dispute with Navios

Brazil's Vale must, according to a UK arbitration decision, pay compensation to Navios if the mining company insists on canceling a 20-year contract for a new port under construction.

Photo: PR-foto: Vale

An arbitration court in London has sided with Greek Navios that a 20-year contract with Brazilian mining company Vale for an iron ore port, currently under construction, remains in effect, informs Navios, which took the case to arbitration after Vale told the carrier in writing that the mining company wanted to cancel the contract.

According to the decision from the court, Navios is entitled to claim compensation for lost cargo volumes and earnings for the remainder of the contract period if Vale terminates the contract.

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