British court awards PLO $6.5 million over ship seizure

MSC Mediterranean Shipping, one of the world's biggest container operators, has been ordered by the Court of Appeal in London to pay Polskie Linie Oceaniczne (PLO) $6.5 million in damages. The case centers on the seizure by MSC of the PLO vessel the Tychy several years ago. MSC subsequently sold the Tychy in London. PLO has said it will spend part of the money it has been awarded on the purchase of two new ships already contracted with shipyard Stocznia Gdynia. PLO made net profits last year of zl.6.9 million, after it succeeded in cutting its debts by 50%, reportedly from zl.80 million to zl.40 million. According to PLO president Krzysztof Krzemky, by the end of this year the company will have paid off all its domestic creditors. The major shareholders in PLO, apart from the Gydnia shipyard with a 24% stake, are the State Treasury with 25% and the Industrial Development Agency (ARP) with 38%. (Puls Biznesu, p. 8) K.K.