After receiving written notice from Vale repudiating the contract, Navios initiated arbitration proceedings in London pursuant to the dispute resolution provisions of the contract. On 21 December 2016 the arbitration tribunal issued its decision that the contract remains in full force and effect.  The arbitration tribunal also determined that Navios may elect to terminate the contract if Vale were to further repudiate or renounce the contract and then would be entitled to damages calculated by reference to guaranteed volumes and agreed tariffs for the remaining period of the Contract.