High Court test for Ocean Crown salvage award

11th July 2009, 08:39
THE second-highest salvage award ever published under Lloyd’s Open Form is headed for the UK High Court, Lloyd’s List has learned.

Lloyd’s appeal arbitrator John Reeder QC earlier this year increased the award for the salvage two years ago of the bulk carrier Ocean Crown and its cargo to $40.7m, according to documents seen by Lloyd’s List.

It is understood that this is exceeded only by an award — thought to be more than $47m — for the salvage of the container ship APL Panama, which ran aground off the Mexican coast on Christmas Day 2005.