May 2, 2019

In the 2018 financial report, the Vincenzo-Onorato-controlled company revealed that in April this year, “the subsidiary CIN Tirrenia was notified of an international arbitration dispute in London, activated by Minoan Lines S.A. and relating to the redelivery conditions of the vessels AMSICORA and BONARIA subject to a bareboat charter signed between the parties in July 2012 and ending on January 22, 2018.

The establishment of this dispute follows a letter of formal notice received by the subsidiary on January 14, 2019, wherein the legal firm representing the counterparty quantifies the request for compensation from CIN at EUR 4,559,000 for the alleged damage found on BONARIA, and EUR 4,225,000 for the alleged damage suffered by the vessel AMSICORA.

The legal opinion requested by Tirrenia CIN from a leading firm, however, deemed it improbable (due to the lateness of the report by Minoan and the absence of documented proof) for the requested compensation mentioned above to be accepted.