Steel trader, Metall Market OOO, has failed in a bid to overturn an arbitration ruling confirmed by a high court judgment that it was liable to contribute to general average costs arising from the initial voyage of the 8,300-dwt Lehmann Timber(built 2008).

The vessel was hijacked in the Gulf of Aden in May 2008 and held by Somali pirates until July when a substantial ransom was paid.

Then