ARES ASIA (00645) announced that AAR had submitted an application to the Singapore International Arbitration Centre (SIAC). On February 12, 2025, SIAC notified AAR that it had commenced arbitration regarding a contractual dispute under a coal purchase agreement, where a supplier was in default as the respondent. On March 16, 2026, SIAC issued a final and legally binding arbitration award, ruling in favor of AAR. Specifically, the arbitration award stipulates and orders the supplier to: pay AAR a refund of $3.8335 million paid to the supplier under the coal purchase agreement; compensate AAR for loss of profit amounting to $137,900; pay interest on the aforementioned refund and compensation at a rate of 5.33% per annum, calculated from the date of the award until full and final payment is made; reimburse AAR for its legal costs and expenses of S$191,600 and arbitration costs of S$85,700; and indemnify and keep AAR indemnified against any and all claims made by the end customer concerning the coal cargo against AAR, including all legal costs and expenses incurred by AAR in defending against such claims.