Singapore-based shipping company X-Press Feeders has rejected the Sri Lankan Supreme Court’s order to pay $1 billion in damages over the 2021 MV X-Press Pearl disaster, which triggered the island’s worst marine pollution.

Chief Executive Officer Shmuel Yoskovitz said the judgment undermined global shipping liability conventions and risked setting “a dangerous precedent” for the maritime industry.

The company insists it has already spent $170 million on clean-up, wreck removal, and compensation, but maintains that any settlement must be final and consistent with international maritime law.

A hearing on enforcement of the ruling has been scheduled for 25 September.