In addition, the parties agreed to enter into a new long term commercial freight contract for the delivery of alumina to Alba by Cabu Chartering AS (a subsidiary of Klaveness).
Klaveness had filed an arbitration claim against Alba in London and Alba had filed a civil claim against Klaveness in Norway.
“We are pleased to have reached a settlement with Klaveness and resume normal business relations. Klaveness had been a major freight carrier for Alba in the past and is a well-respected shipping company in the industry. We welcome them back as one of our key freight carriers for alumina,” Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji said.