Court of Appeals ruling against Stolt Tank Containers BV in MSC Flaminia case
03 Luglio 2023 - 8:13AM
Court of Appeals ruling against Stolt Tank Containers BV in MSC
Flaminia case
LONDON, July 3, 2023 – Stolt-Nielsen reported
today that the Court of Appeals has affirmed by two to one, in all
material respects the ruling on liability from 2018 by the US
District Court for the Southern District of New York regarding the
2012 incident on board the MSC Flaminia. Stolt Tank Containers BV
has been found at fault together with Deltech for 45% and 55%,
respectively. The Company is disappointed by the decision of the
Court of Appeals upholding the lower court’s 2018 decision. The
Company is currently assessing the legal and financial implications
of the Court’s decision, which included a dissenting opinion, and
is considering further appeals and mitigations.
The potential liability for the full award is
being assessed. The Company will record a loss provision related to
the ruling in its second quarter financials, due to be reported on
July 6, 2023, of $155 million, which net of tax will impact the
Company’s net profit for the quarter by approximately $115 million.
The Company has liquidity in place to fund its potential liability
and remains in a financially strong position.
As reported in our annual reports, the ruling
concerns the incident that took place on July 14, 2012, during
which a fire broke out in cargo hold number four aboard the MSC
Flaminia during the ship’s crossing of the Atlantic Ocean. During
the crew’s attempt to extinguish the fire, an explosion occurred.
Stolt Tank Containers had 29 tank containers onboard the ship,
three of which were stowed in cargo hold number four. On May 29,
2013, the vessel interests, namely the owner, manager and operator
filed counter and crossclaims against Stolt Tank Containers and
Deltech, the shipper of the three tank containers stowed in cargo
hold number 4, alleging that these tank containers were the cause
of the fire and that Stolt Tank Containers did not adequately warn
of the inherently dangerous nature of the cargo. The Phase 2 trial
was completed in August 2018. The US District Court for the
Southern District of New York delivered a judgment on September 10,
2018, which held the Group jointly and severally liable with
Deltech for the incident.
For additional information please contact:
Jens F. Grüner-HeggeChief Financial OfficerU.K. +44 (0) 20 7611
8985j.gruner-hegge@stolt.com
Ellie DavisonHead of Corporate CommunicationsUK +44 (0) 20 7611
8926e.davison@stolt.com
About Stolt-Nielsen
LimitedStolt-Nielsen (SNL or the ‘Company’) is a long-term
investor and manager of businesses focused on opportunities in
logistics, distribution and aquaculture. The Stolt-Nielsen
portfolio consists of its three global bulk-liquid and chemicals
logistics businesses – Stolt Tankers, Stolthaven Terminals and
Stolt Tank Containers – Stolt Sea Farm and various investments.
Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo
Børs: SNI).This information is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act
Forward-Looking StatementsThis
press release contains “forward-looking statements” based on
information available to the Company on the date hereof, and the
Company assumes no obligation to update any such forward-looking
statement. These statements may be identified by the use of words
like “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “plan,” “project,” “will,” “should,” “seek,” “indicates” and
similar expressions. The forward-looking statements reflect the
Company’s current views and assumptions and are subject to risks
and uncertainties. The Company does not represent or warrant that
the Company’s actual future results, performance or achievements
will be as discussed in those statements, and assumes no obligation
to, and does not intend to, update any of those forward-looking
statements other than as may be required by applicable law.
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