Russia's Sovcomflot (SCF) has lost its appeal against damages awarded to private owner Yuri Nikitin for lost earnings due to a freezing order.
Commercial court judge Stephen Males ruled last year that the Russian state shipowner should pay Nikitin $59.8m in compensation and interest of $11m because the freezing of $377m of his funds prevented him from making a likely profit from selling on tankers he planned to order in Korea with the money.
