Thailand’s Precious Shipping has cancelled another pair of ultramax dry bulkers at under pressure Chinese yard Sainty Marine. Precious Shipping said it was seeking $11.16m per vessel in advance payments paid to Sainty Marine, and interest on that sum. In February last year Precious ordered ten 64,000 dwt ships at the financially struggling Chinese yard, but has since then nixed most of the orders citing sloppy quality and delivery delays.
Interviewed by Maritime CEO recently, Precious Shipping’s managing director Khalid Hashim laid into the yard, saying: “They have also not been able to construct ships in accordance with the agreed specifications in the ship building contracts.”