Insurers and Valero have forged a preliminary settlement to end a legal battle that sought to force the US refiner to contribute to the ransom paid to free a VLCC from the clutches of pirates off Somalia.
Lawyers for insurers that sued the Texas charterer have informed US District Judge Lorna Schofield that the parties have reached an agreement in principal to bury hatchets in the dispute, which focuses on the April 2010 hijacking of the 319,000-dwt tanker Samho Dream (built 2002).
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