Not without interest
- Date: 01/01/2007
A North American ship agent acted for a shipping line over a twelve year period. During the period of the agency, the agent had paid local suppliers on behalf of the line, but was not reimbursed until many days later. The line eventually set up their own agency company at the port and fired the original agent. The agent, when finalising their accounts, calculated that they were owed a considerable amount in interest on the funds which they had advanced on behalf of the line over the years. The line refused to pay and the matter, in accordance with the terms of the agency agreement, was referred to arbitration in New York. The arbitrators found in favour of the agent and awarded them interest of USD175,000.