Albania wins arbitration against Durrës Kurum Shipping over container terminal concession
Albania has achieved a significant victory in international arbitration with the ICSID (International Centre for Settlement of Investment Disputes) against Durrës Kurum Shipping SH.P.K. The case involved claims from Durrës Container Terminal SH.A, Metal Commodities Foreign Trade Corp., and Altberg Developments LP, related to the termination of the container terminal concession at the Port of Durrës.
Why is this important
The ICSID arbitration tribunal unanimously ruled that the concession was terminated in accordance with local legislation and the contractually agreed procedure, dismissing the plaintiffs’ claims that the termination was intentional and improperly conducted by the Albanian authorities, specifically the Ministry of Infrastructure and Energy.
The tribunal also ordered the plaintiffs to cover the majority of the expenses and costs incurred by the Republic of Albania in this arbitration process. The plaintiffs sought compensation exceeding $100 million.
This outcome was achieved thanks to the efforts of a task force composed of experts from the Ministry of Infrastructure and Energy, the State Attorney’s Office, the Port Authority of Durrës, and with support from the international legal firm Freshfields Bruckhaus Deringer.
This decision comes shortly after another important victory for Albania in international arbitration under the International Chamber of Commerce (ICC) based in Paris. The ICC issued a final ruling in favor of Albania in the dispute raised by Bankers Petroleum against the Ministry of Energy and Industry of Albania (MIE) and Albpetrol.
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