Xcoal says its assets should not be garnished in $6 mil lawsuit with Classic

摘要

Houston—After shipping company Classic Maritime sued coal trader Xcoal Energy & Resources for $5.94 million, Xcoal responded by saying it “should not be subjected to an attachment or garnishment of its property based upon highly speculative damages,” according to a court filing published Feb. 1. On Jan. 28, Classic said in a US District Court filing in the Southern District of New York that the two parties entered into an agreement in December 2019 for seven voyages in 2020 totaling 800,000 mt from either Baltimore or Newport News, Virginia, to various ports in Korea. The Monaco-based shipping company only performed two voyages for Xcoal for a combined 260,920 mt and said it was expected to earn nearly $1.02 million per shipment for the remaining five voyages. In addition, Classic was seeking nearly $132,000 in unpaid freight charges and nearly $720,000 in attorney fees and interest.