Inaugural rail cargo operation links Al Jubail to Al Riyadh
NewsFirst container shipment launched from Jubail Commercial Port to Riyadh Dry Port via a new railway link.
Gulftainer US affiliate receives heavy fine
GT USA Wilimington has been ordered to pay more than US$21M in damages for breaching an agreement to buy the port’s former stevedoring firm
Last week’s ruling came around a year after a Chancery Court judge in the Dover, the capital of the state of Delaware, ruled that GT USA Wilmington, LLC was bound by the terms of a 2018 agreement regarding the purchase and sale of 100% of the equity interest of the port’s previous container handler, Murphy Marine Services.
In the latest ruling, the court’s Vice Chancellor Lori Will also found that GT USA Wilmington is in contempt, for violating a court confidentiality order by using materials it obtained in defending itself in a 2018 lawsuit filed by the port and Murphy Marine Services to negotiate a deal with one of Murphy Marine’s largest customers. Including interest, the fine could amount to more than US$28M.
Citing court documents, Delaware Online reported that at the time of the concession agreement, state officials put pressure on Gulftainer and Murphy Marine Services to combine operations. The companies obliged, but ultimately could not agree on a price that GT USA Wilmington should pay to take over the smaller operation. Delaware Online reported that Gulftainer valued Murphy Marine at no more than around US$8M.
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