OCI and Team Ocean settle spat over COA

Texas-based dry cargo charterers come to compromise after long and bitter dispute

26 September 2014 0:00 GMT Updated 26 September 2014 0:00 GMT

By Eric Martin Stamford

A four-year court and arbitration fight between US dry cargo charterers Overseas Carriers Inc (OCI) and Team Ocean Services has come to an end.

Texas-based OCI has asked a federal judge in Houston to withdraw a lawsuit against its embattled former counterparty in a $235m contract of affreightment (COA).

Logistics company Team Ocean has also asked the Fifth Circuit Court of Appeals to withdraw its appeal of a judge’s order forcing the case into arbitration.

“OCI